Page 60 - ALEF EDUCATION PR REPORT MAY 2024

5/29/24, 10:25 AM Alef Education announces offer price range, start of IPO's subscription period | Emirates News Agency
In a statement today, the company said that the Offer

Price Range has been set between AED1.30 and AED1.35

per Share, implying a market capitalisation at the time

of listing between AED9.10 billion (US$2.48 billion) and

AED9.45 billion (US$2.57 billion).

Alef will offer 1.4 billion (1,400,000,000) Shares, each

with a nominal value of AED0.01, which are being made

available in the Offering, representing 20% of the

company’s issued share capital. As a result, the total

Offering size is expected to be between AED1.82 billion

($496 million) and AED1.89 billion ($515 million).

All Shares to be offered are existing shares held by Tech

Nova Investment – Sole Proprietorship LLC and

Kryptonite Investments LLC, who reserve the right to

amend the size of the Offering at any time before the

end of the subscription period subject to applicable laws

and the approval of the Securities and Commodities

Authority (SCA).

The company expects to distribute a minimum dividend

of AED135 million to all other shareholders for each of

its financial years ending 31st December 2024 and 2025,

implying a dividend yield of c. 7.42% at the top of the

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