Page 78 - ALEF EDUCATION PR REPORT MAY 2024

5/29/24, 10:36 AM Alef Education announces offer price range, start of IPO’s subscription period – The Gulf Time Newspaper
Alef Education announces offer price range, start

of IPO’s subscription period

ABU DHABI / WAM

Alef Education Holding plc announced the price range for the sale of its shares and the start of the
subscription period for its Initial Public Offering (IPO) on the Main Market of the Abu Dhabi Securities

Exchange (ADX).
In a statement, 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 ($2.48 billion) and

AED9.45 billion ($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 December 31 and 2025, implying a dividend 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 started on May 28,
and is expected to close on June 4 for Individual Investors (First Tranche) and June 5 2024 for Professional
Investors (Second Tranche).

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