Page 208 - ALEF EDUCATION PR REPORT MAY 2024

Alef Education plans to sell 20% stake in ADX

IPO

The education firm plans to list its shares on the ADX on 12 June

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IPO W
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Abu Dhabi-based edtech firm Alef Education is planning to offer up to a
20% stake (1.4 bn shares) in an IPO on the ADX, according to a prospectus
(pdf) published yesterday. This is set to be Abu Dhabi's first IPO of the year and
the UAE's third. It follows the successful IPOs of Parkin, which raised AED 1.57

bn, and Spinneys, which raised AED 1.38 bn, both driven by strong investor
interest.
REFRESHER- News of Alef listing on the Abu Dhabi bourse first broke in July
2023, when it reportedly held talks with advisors about the potential listing.
The education firm has since tapped our friends at EFG Hermes and First Abu
Dhabi Bank (FAB) to work on the IPO.
Who’s selling? Tech Nova Investment and Kryptonite Investments will be
offering their shares in the IPO.
The book-building process starts next Tuesday 28 May, with the
subscription period for retail investors concluding on 4 June. Institutional
investors’ subscription period will wrap a day later on 5 June. Some 92% of the
shares on offer will be allocated to institutional investors, while 8% will go to
retail investors. Shares are expected to begin trading on 12 June, according
to the prospectus.

https://enterprise.news/uae/en/news/story/4e5daecb-6e2b-4935-8e23-
d15a2606694c/Alef%20Education%20plans%20June%20ADX%20debut