Page 157 - ALEF EDUCATION PR REPORT MAY 2024

In numbers, that means its platforms served around 1.1 million registered

students and about 7,000 schools as of end 2023. Apart from the UAE, it has

a presence in the US (since 2018), Indonesia (from 2021) and Morocco (from
2022). (There is also a presence in Qatar through a reseller agreement since

2023.)

Through the IPO, “We are not only offering investors the opportunity to
participate in the growth of a company with a truly unique proposition – as the

first-ever edtech company to be listed in the UAE – but also one that is

operating in a sector with considerable tailwinds, growth and value drivers,”

said Abdulhamid Mohammed Saeed Alahmadi, Chairman of Alef Education.

The company – which had revenues of Dh750 million and an adjusted profit of
Dh455 million in 2023 - is floating 20 per cent and the listing on ADX is

scheduled for June 12.

Will education sector offer more IPOs?

“The education sector is not adequately represented on the GCC stock
exchanges as there are only nine listed companies,” said Junaid Ansari,

Director of Investment Strategy and Research at Kuwait-based Kamco Invest.

“On the other hand, there are a number of private educational institution

chains in the region taking advantage of the government’s strategic plan to

boost human capital and technical know-how of their citizens and residents.

"The education sector trades at an average P/E (price-to-earnings) of over

30x, indicating a premium over the average GCC P/E of around 20x.

However, since there are a mere nine companies, the range of the P/E is very

wide.

https://gulfnews.com/business/markets/as-alef-ipo-opens-is-education-going-to-be-next-big-
theme-on-uae-stock-markets-1.1716866248179