Page 63 - ALEF EDUCATION PR REPORT MAY 2024

yield of c. 7.42% at the top of the price range and c. 7.14% at the bottom of the
price range.
• The IPO subscription period starts today and is expected to close on 4 June
2024 for Individual Investors (First Tranche) and 5 June 2024 for Professional

Investors (Second Tranche).
• The final offer price will be determined following the book-building process and is
expected to be announced on 6 June 2024.
• Admission of shares to trading on the ADX is anticipated to occur on or around

12 June 2024.
• The Offering is compliant with Shariah principles, and the Internal Shariah
Supervision Committee of First Abu Dhabi Bank PJSC has issued a
pronouncement to this effect.

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.”

Offer Price Range Details

The Offer Price Range has been set at between AED 1.30 and AED 1.35 per Share,
implying a market capitalisation at listing of between AED 9.10 billion (US$ 2.48 billion)
and AED 9.45 billion (US$ 2.57 billion).

A total of 1.4 billion (1,400,000,000) Shares, each with a nominal value of AED 0.01, are
available in the Offering, equivalent to 20% of the Group’s issued share capital,

https://www.zawya.com/en/press-release/companies-news/alef-education-holding-plc-
announces-the-offer-price-range-and-start-of-subscription-period-for-its-initial-public-offering-
dxnmdqjb