Page 40 - ALEF EDUCATION PR REPORT MAY 2024

5/30/24, 11:09 AM Alef Education IPO Price Range Values Edtech Firm Between Dh9.1 Billion To Dh9.45 Billion
The IPO subscription period started on Tuesday and is expected to close on June 4 for
individual investors (first tranche) and June 5 for professional investors (second tranche).

The company expects to distribute a minimum dividend of Dh135 million with respect to each

of its financial years ending December 31 2024 and 2025 to all other shareholders (other than
the Selling Shareholders), implying a dividend yield of around 7.42 per cent at the bottom of
the price range and around 7.14 per cent at the top of the price range.

Geoffrey Alphonso, chief executive officer of Alef Education, commented:“Our investment

proposition has been incredibly well received by the market, with significant interest in our

offering since announcing our intention to float. With the opening of subscriptions, we are
offering UAE and international investors the opportunity to participate in the growth of a
leading and homegrown player in the education technology sector - an underrepresented

sector across UAE capital markets. Building on our successful track record to date and
leveraging the favourable market conditions and strong market opportunity, we are committed

to driving further growth across our platform and delivering sustainable long-term shareholder
value, supported by our robust dividend policy. Leveraging organic and inorganic means, we

aim to super-serve our home market of the UAE, execute against our high-impact B2G
strategy - solidifying our status as a partner of choice-and tap into the global B2B market to

unlock further scale. We look forward to announcing the final offer price next week and are
excited to welcome new shareholders as we embark on our next phase of growth.”

The deal comes amid a bustling period for IPOs in the Arabian Gulf. Saudi Arabia has recently

experienced a surge in IPO activity, with several offerings heavily oversubscribed. Dubai has
hosted two significant IPOs this year: the $429 million listing of Parkin Co., the city's public
parking business, and the $375 million float of high-end supermarket Spinneys 1961 Holding

Plc. Notably, Spinneys' IPO is unique in the Gulf region as it is not backed by the government.

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