Page 124 - ALEF EDUCATION PR REPORT MAY 2024

Alef Education announces offer price

range, start of IPO's subscription period

Story by Rola AlGhoul / Esraa Esmail

• 22h • 2 min read

Alef Education announces offer price range, start of IPO's subscription period© Provided by Emirates News Agency
(WAM)

ABU DHABI, 28th May, 2024 (WAM) -- Alef Education Holding plc today
announced the price range for the sale of its shares and the start of the
subscription period for its Initial Public Offering (IPO) on the Main Market of the
Abu Dhabi Securities Exchange (ADX).

In a statement today, the company said that the Offer Price Range has been set
between AED1.30 and AED1.35 per Share, implying a market capitalisation at
the time of listing between AED9.10 billion (US$2.48 billion) and AED9.45 billion
(US$2.57 billion).

Alef will offer 1.4 billion (1,400,000,000) Shares, each with a nominal value of
AED0.01, which are being made available in the Offering, representing 20% of
the company’s issued share capital. As a result, the total Offering size is
expected to be between AED1.82 billion ($496 million) and AED1.89 billion ($515
million).

All Shares to be offered are existing shares held by Tech Nova Investment –
Sole Proprietorship LLC and Kryptonite Investments LLC, who reserve the right
to amend the size of the Offering at any time before the end of the subscription
period subject to applicable laws and the approval of the Securities and
Commodities Authority (SCA).

The company expects to distribute a minimum dividend of AED135 million to all
other shareholders for each of its financial years ending 31st December 2024
and 2025, implying a dividend yield of c. 7.42% at the top of the price range and
c. 7.14% at the bottom of the price range.

The IPO subscription period starts today, 28th May, and is expected to close on
4th June 2024 for Individual Investors (First Tranche) and 5th June 2024 for
Professional Investors (Second Tranche).

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