Page 81 - ALEF EDUCATION PR REPORT MAY 2024

• The IPO subscription period starts on May 28 and is expected to close on June 4
for individual investors and June 5 for professional investors.
• The final offer price will be determined following the book-building process, which
is expected to be announced on June 6.
• Each subscriber will be guaranteed a minimum allocation of up to 2,000 shares,
subject to the limits and conditions set out in the UAE prospectus.
• The company’s shares are expected to be listed on the Abu Dhabi bourse before
June 12.
• Shares are sold by Tech Nova Investment - Sole Proprietorship and Kryptonite
Investments, who will hold 68% and 12%, respectively, after the IPO.

Crucial quote

“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,”
said CEO Geoffrey Alphonso in a statement.

“Building on our successful track record to date and leveraging the favorable 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.”

Big number

Alef Education has over 1.1 million registered students and is present in 7,000
schools in various locations, including the UAE, the US, Indonesia, and Morocco,
according to an earlier report.

Regional IPO scene
Several UAE firms have tapped the IPO market in recent months. Dubai-based Parkin,
which oversees public parking operations in the Emirates, raised $429 million (AED 1.6
billion) in a heavily oversubscribed IPO in March.

Similarly, supermarket chain Spinneys 1961 Holding Plc mobilized $375.7 million (AED
1.38 billion) in an IPO earlier this month. The Middle East and North Africa (MENA) region
witnessed 10 IPOs in the first quarter of 2024, raising $1.2 billion, with the share offerings
limited to Saudi Arabia and the UAE markets.

https://www.forbesmiddleeast.com/money/markets/abu-dhabi-edtech-firm-alef-fixes-ipo-price-
range-to-raise-up-to-%24515m