Page 70 - ALEF EDUCATION PR REPORT MAY 2024

The final offer price will be determined following the book-building process and is
expected to be announced on June 6. Admission of shares to trading on the main
market of the Abu Dhabi Securities Exchange (ADX) is anticipated to occur on or
around June 12, the company said.

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.”

ADVERTISING
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

https://www.khaleejtimes.com/business/markets/alef-education-ipo-price-range-values-edtech-
firm-between-dh9-1-billion-to-dh9-45-billion