Page 255 - 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 is indirectly majority owned by Abu Dhabi Capital Group, a private
institutional investment company that has a multi-asset class portfolio across

the Mena region.

The company provides artificial intelligence-powered learning and digital

education resources to schools in the UAE, Jordan, Indonesia, Morocco and the
US.

Its platform serves about 7,000 schools, with about 1.1 million registered

students and 50,000 teachers.

The company is pursuing both organic and inorganic growth strategies and
looking to expand in markets closer to home, Mr Alphonso said on Monday.

“We have categorised the focus for the firm over the next few years … close to
the home market, which we feel are around the neighbouring GCC,” he said.

“We put boots on the ground in Saudi, we've had some great interaction in
Qatar [and] there's still a lot of work to do here in the UAE.”

The company is also open to accretive acquisition and has a robust mergers

and acquisitions pipeline, he said.

“We do have plans to close one to two, accretive M&A this year which will

complement the business and help us fulfil our growth ambitions,” he said.

First Abu Dhabi Bank and EFG Hermes UAE have been appointed as joint lead
managers and joint bookrunners on the deal.

FAB has also been appointed as lead receiving bank alongside Abu Dhabi

Commercial Bank, Abu Dhabi Islamic Bank and Al Maryah Community Bank,
the receiving banks for the retail investor tranche.

Alef, whose revenue for the 12-month period ending in December last year
stood at Dh750 million, has a long-standing contract with the Abu Dhabi Feedback
Department of Education and Knowledge, which provides “significant revenue

visibility and predictability over the next seven years” .

Such long-dated contracts enable the education technology company to
“pursue growth initiatives and deliver value to shareholders”, it said.

Updated: May 20, 2024, 12:56 PM

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