Page 189 - ALEF EDUCATION PR REPORT MAY 2024

5/22/24, 2:22 PM Alef Education Plans To List On Abu Dhabi Bourse
The subscription period for the first tranche offer is expected to run from May 28 to June 4, while
the second tranche will close on June 5. The company added that the selling shareholders reserve the

right to amend the size of the offering and the size of any tranche before the end of the subscription

period.

The completion of the offering and trading on the Main Market of the ADX is expected to take place

on or around June 12.

The IPO will make Alef Education the first education technology company to be listed in the UAE.

“The global EdTech market has experienced exponential growth over the last couple of years,

supported by increased government spending and initiatives to leverage digital and AI tools to
transform the way that education is delivered and students learn," said Alef Education Chairman

Abdulhamid Mohammed Saeed Alahmadi.

First Abu Dhabi Bank has been appointed as listing advisor and will be joint lead managers and

bookrunners with EFG Hermes UAE. First Abu Dhabi Bank has also been appointed as the lead

receiving bank alongside Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and Al Maryah
Community Bank.

The company plans a semi-annual dividend distribution policy to pay cash dividends after the

offering twice in each financial year.

Over 1 million registered students

The Abu Dhabi-based AI-powered learning solutions provider is indirectly majority-owned by Abu

Dhabi Capital Group (ADCG). It integrates technology, data analytics, and pedagogy to redefine
teaching and learning experiences across K-12 education.

Alef Education has over 1.1 million registered students and is present in 7,000 schools in various
locations, including the UAE, the US, Indonesia, and Morocco.

It posted $204.19 million (AED 750 million) in revenue, and $123.8 million (AED 455 million) in
adjusted net profit for 2023, according to its website.

Recent IPOs

Earlier in May, it was reported that UAE-based Amanat Holdings is planning an IPO for its
education platform after receiving board approval to separate and form a new holding company

dedicated to this sector. The prospective IPO would join a series of recent listings of education firms

in the region,including the Emirati school operator Taaleem Holdings.

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