Page 104 - ALEF EDUCATION PR REPORT - MARCH 2024

3/15/24, 1:44 PM Abu Dhabi-Based Edtech Firm Alef Is Said to Tap Banks for IPO - BNN Bloomberg
Abu Dhabi-Based Edtech Firm Alef Is Said

to Tap Banks for IPO

Julia Fioretti, Bloomberg News

(Bloomberg) -- Alef Education, an Abu Dhabi-based edtech firm, has picked EFG
Holding and First Abu Dhabi Bank to work on its planned initial public offering,
according to people familiar with the matter.

The listing in the United Arab Emirates’ capital could take place as soon as this year, the
people said, asking not to be identified as the information isn’t public.

Details of the offering such as size and timing are still preliminary and subject to
change, they said.

Representatives for Alef Education and FAB didn’t respond to requests for comment,
while a spokesperson for EFG declined to comment.

Founded in 2016, the company serves the kindergarten to 12th grade sector with its
technology and services, which include a learning platform, curriculum design,
professional development for teachers and artificial intelligence, according to its

website.

Parents in the UAE are among the world’s biggest spenders when it comes to educating
their children. Dubai’s emergence as a post-Covid haven has drawn newcomers to the
emirate, where private schools are mandatory for expatriate children.

Private school operator Taaleem Holdings, which listed in Dubai at the end of 2022, has
seen its shares surge 23% since the IPO as profit rose on higher student enrollments.

The Middle East has been in the midst of an IPO boom since late 2021, driven by high
oil prices and abundant local liquidity. Most share sales in the UAE have been
government privatizations, but a number of privately-held firms are considering going
public too, such as supermarket chains Spinneys Dubai LLC and LuLu Group

International, Bloomberg News has reported.

Read More: UAE Edtech Firm Alef Said to Invite Banks to Pitch for IPO

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