Page 129 - ALEF EDUCATION PR REPORT MAY 2024

5/29/24, 10:45 AM UAE's Alef Education seeks to raise up to $515 million in IPO
UAE's Alef Education seeks to raise

up to $515 million in IPO

May 28, 2024 at 6:23 am GMT

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 TAALEEM.DU. Amanat Holdings AMANT.DU said earlier this month it was considering
options for its education platform, including an IPO .

($1 = 3.6726 UAE dirham)

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