Page 253 - ALEF EDUCATION PR REPORT MAY 2024

5/20/24, 1:07 PM Alef Education plans to list 20% of shares in Abu Dhabi IPO
Alef Education Holding, a UAE-based education technology company, plans to
list its shares on the Abu Dhabi Securities Exchange as it seeks to boost its

domestic business and expand its international footprint.

Alef will sell 1.4 billion shares, or 20 per cent of the company's issued share

capital, through an initial public offering on the main bourse of the ADX, it said
on Monday.

All shares being offered in the public float are held by existing shareholders

Tech Nova Investment and Kryptonite Investments. The selling shareholders
reserve the right to amend the size of the offering.

UAE retail and institutional investors will be able to subscribe to the public float
through separate tranches.

The subscription period for retail and qualified
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investors will begin on May 28.
PIF-backed Riyad Bank considers

IPO of its investment banking unit The first tranche, for retail investors, will close
Spinneys IPO: Retailer increases on June 4 while the second, for qualified

retail o ering on higher demand institutional investors, will conclude on June 5,
Can GCC markets sustain the IPO the company said.

momentum in 2024?
Retail investors will be able to subscribe to 8 per
cent, or 112 million shares, of the total share capital on offer while the
institutional tranche will comprise 92 per cent, or 1.28 billion shares.

Alef expects its shares to start trading on the ADX on June 12, subject to

regulatory approvals.

“Our IPO on ADX is an important milestone and natural progression in our

journey to maximise our potential and become a global EdTech [education
technology] leader,” Alef chief executive Geoffrey Alphonso said.

“We intend to solidify our market leadership at home and grow our presence Feedback

across our target markets through continued investment in our digital
capabilities, broadening our product offering and expanding our geographic
footprint – both organically and through strategic M&A [mergers and

acquisitions].”

Markets in the Mena region have recorded strong listing activity this year amid
increasing investor interest and a public mandate aimed at supporting IPOs to

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