Page 128 - ALEF EDUCATION PR REPORT MAY 2024

5/29/24, 10:44 AM UAE's Alef Education seeks to raise up to $515 million in IPO - MarketScreener
UAE's Alef Education seeks to raise up

to $515 million in IPO

May 28, 2024 at 02:23 am EDT Share

DUBAI, May 28 (Reuters) - Educational technology provider Alef Education

plans to raise as much as $515 million in its initial public offering (IPO) on the

Abu Dhabi bourse, it said on Tuesday.

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.

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 .

($1 = 3.6726 UAE dirham) (Reporting by Federico Maccioni; Editing by Jan

Harvey)

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