Page 258 - ALEF EDUCATION PR REPORT MAY 2024

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5/20/24, 1:07 PM UAE's Alef Education plans 20% IPO; eyes ADX listing
Alef expects to pay a minimum dividend payout ratio of 90% of the net profit generated for both financial
years 2024 and 2025.

The group had revenues of AED 750 million ($204 million) in the financial year ended 31 December
2023, a 12.4% increase from AED 667 million in 2021.

The offering has been certified as shariah-compliant by First Abu Dhabi Bank PJSC, which is also the

listing advisor.

The platform has approximately 1.1 million registered students, 50,000 teachers and 7,000 schools as of
2023.

First Abu Dhabi Bank PJSC, and EFG Hermes UAE Limited are joint lead managers and joint

bookrunners.

In a press conference following the IPO announcement, Alef Education’s CEO Geoffrey Alphonso said
the company has a “robust” M&A pipeline, with “one to two” announcements expected before year-end
to fuel its inorganic growth.

“We are looking at companies that have potential capabilities that we do not have that will travel well to
expand either an existing contract or into the B2B sector into different school groups,” he told Zawya.

Amit Choudhary, CFO of Alef Education added the company currently has a debt free capital structure,
"which unlocks the door to raising capital in the form of debt to be able to pursue some of these M&A
opportunities.”

(Reporting by Brinda Darasha and Bindu Rai; editing by Seban Scaria)

brinda.darasha@lseg.com