Page 111 - ALEF EDUCATION PR REPORT MAY 2024

5/29/24, 10:41 AM Alef Education Holding plc announces the Offer Price Range and Start of Subscription Period for its Initial Public Offering
leading and homegrown player in the education technology sector—an underrepresented
sector across UAE capital markets. Building on our successful track record to date and

leveraging the favourable market conditions and strong market opportunity, we are committed
to driving further growth across our platform and delivering sustainable long-term shareholder

value, supported by our robust dividend policy. Leveraging organic and inorganic means, we
aim to super-serve our home market of the UAE, execute against our high-impact B2G
strategy—solidifying our status as a partner of choice—and tap into the global B2B market to

unlock further scale. We look forward to announcing the final offer price next week and are

excited to welcome new shareholders as we embark on our next phase of growth.”

Offer Price Range Details

The Offer Price Range has been set at between AED 1.30 and AED 1.35 per Share, implying
a market capitalisation at listing of between AED 9.10 billion (US$ 2.48 billion) and AED 9.45

billion (US$ 2.57 billion).

A total of 1.4 billion (1,400,000,000) Shares, each with a nominal value of AED 0.01, are
available in the Offering, equivalent to 20% of the Group’s issued share capital, resulting in a

total Offering size of between AED 1.82 billion (US$ 496 million) and AED 1.89 million (US$
515 million). The final offer price is expected to be announced on 6 June 2024.

All Shares are existing shares being sold by the Selling Shareholders, Tech Nova Investment
– Sole Proprietorship L.L.C and Kryptonite Investments L.L.C and the Company will not

receive any proceeds from the Offering. The Selling Shareholders reserve the right to amend
the size of the Offering and the size of any Tranche at any time prior to the end of the

subscription period at their sole discretion, subject to the applicable laws of the UAE and the
approval of the SCA in the UAE.

Following the Offering, and subject to the size of the Offering not being increased, Tech Nova

Investment – Sole Proprietorship L.L.C and Kryptonite Investments L.L.C will hold
shareholdings of 68% and 12%, respectively. Pursuant to an Underwriting Agreement entered

into between the Company, the Selling Shareholders and the Joint Lead Managers, the
shares held by the Selling Shareholders following the listing shall be subject to a lock-up from
the date of the Underwriting Agreement up to and including 180 days from the listing, subject

to certain terms and conditions.

Dividend Policy
Alef Education intends to maintain a dividend policy designed to maximise shareholder value

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