Page 82 - ALEF EDUCATION PR REPORT MAY 2024

Alef Education sets IPO offer price

between AED1.30 and AED1.35 per share

Total offering size to reach between $496 million and $515 million

Alef Education expects to distribute a minimum dividend of AED135 million to shareholders for the
financial years ending December 31, 2024, and December 31, 2025
Alef Education Holding has announced the price range and commencement of
the subscription period for its initial public offering (IPO) on the main market of

the Abu Dhabi Securities Exchange (ADX). In a statement today, the company
said that the offer price range has been set between AED1.30 and AED1.35
per share. Moreover, it stated that the IPO subscription period starts today,
May 28, 2024.

Offering size

Alef Education is offering 1.4 billion shares, each with a nominal value of
AED0.01. This represents 20 percent of the company’s issued share capital.
Alef Education expects the total offering size to be between AED1.82 billion
($496 million) and AED1.89 billion ($515 million). This implies a market
capitalization at the time of listing between AED9.10 billion ($2.48 billion) and

AED9.45 billion ($2.57 billion).
Tech Nova Investment – Sole Proprietorship LLC and Kryptonite Investments
LLC currently hold all the offered shares. These entities reserve the right to
adjust the size of the offering before the end of the subscription period.

However, this is subject to applicable laws and approval from the Securities
and Commodities Authority (SCA).
Dividend distribution

Alef Education expects to distribute a minimum dividend of AED135 million to
shareholders for the financial years ending December 31, 2024, and

December 31, 2025. This translates to a dividend yield of approximately 7.42
percent at the top of the price range and around 7.14 percent at the bottom of
the price range.
Subscription period

The Alef Education IPO subscription period starts today, May 28, and should
close on June 4, 2024, for individual investors and June 5, 2024 for

professional investors.

https://economymiddleeast.com/news/alef-education-sets-ipo-offer-price-between-aed1-30-and-
aed1-35-per-share/