Page 117 - ALEF EDUCATION PR REPORT MAY 2024

ALEF EDUCATION'S $515 MILLION IPO PLAN IN

ABU DHABI STOCK MARKET

TEXT: LARA PALMER
28.05.2024

Alef Education sets sights on significant IPO, plans to revolutionize educational
technology.

Educational technology provider Alef Education is planning to raise up to $515 million in
its initial public offering (IPO) on the Abu Dhabi stock market, as announced on
Tuesday (May 28). The indicative price range for the IPO has been established at 1.30-
1.35 dirhams per share, suggesting a market capitalisation of $2.48 billion-2.57 billion,
according to a statement released by the company. Alef stated that shareholders Tech
Nova Investment, Sole Proprietorship, and Kryptonite Investments intend to offer 1.4
billion shares, representing 20% of its share capital. The shares are anticipated to
commence trading on June 12.

Established in 2016, Alef offers artificial intelligence (AI)-powered and personalized
learning programs and has a platform that caters to approximately 1.1 million registered
students, 50,000 teachers, and 7,000 schools as of the close of last year. Alef's IPO
comes in the wake of education firms such as Taaleem Holdings being listed in the
region in recent years. Amanat Holdings revealed earlier this month that it was exploring
options for its education platform, including the possibility of an IPO.

https://world-arabia.com/articles/alef-education-s-515-million-ipo-plan-in-abu-dhabi-stock-
market/