Page 120 - ALEF EDUCATION PR REPORT MAY 2024

5/29/24, 10:43 AM UAE's Alef Education seeks to raise up to $515 mn in IPO
bourse, it said on Tuesday.
Subscribe IND MEA

The indicative price range for the IPO was set at 1.30-1.35 dirhams per
share, implying a market capitalisation of between $2.48 billion-2.57

billion, the firms said in a statement.

Shareholders Tech Nova Investment, Sole Proprietorship and

Kryptonite Investments intend to offer 1.4 billion shares representing

20% of its share capital, Alef said, adding shares are expected to start

trading on June 12.

Advertisement

Funded in 2016, Alef provides artificial intelligence (AI)-powered and

personalised learning programmes. The platform served around 1.1

million registered students, 50,000 teachers and 7,000 schools as of

the end of last year.

Alef's IPO will follow listings of other education firms in the region in
recent years, including Taaleem Holdings. Amanat Holdings said earlier

this month it was considering options for its education platform,

including an IPO.

Advertisement

OPEN APP

https://www.vccircle.com/uaes-alef-education-seeks-to-raise-up-to-515-mn-in-ipo 2/5