Page 85 - ALEF EDUCATION PR REPORT MAY 2024

total issued share capital. The indicative share price of Dhs1.30 and Dhs1.35
per share implies a market valuation of around Dhs9.45bn.

Upon listing, Tech Nova Investment – Sole Proprietorship and Kryptonite
Investments will continue to own 68 per cent and 12 per cent shareholding,
respectively.

“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,” said Geoffrey
Alphonso, CEO of Alef Education.

“Leveraging organic and inorganic means, we aim to super-serve our home
market of the UAE, execute against our high-impact B2G strategy solidify our
status as a partner of choice and tap into the global B2B market to unlock
further scale.”

Alef is offering the shares in two tranches – institutional investors and retail
investors – between May 28 and June 4, with the edtech firm expected to
debut on the Abu Dhabi Securities Exchange on June 12.

Founded in 2016 and indirectly majority owned by Abu Dhabi Capital Group,
Alef Education serves the kindergarten to 12th grade sector. First Abu Dhabi
Bank and EFG Hermes are the joint global coordinators on the IPO.

Alef’s IPO follows the Dubai listing of private school operator Taaleem
Holdings in 2022. It comes as Amanat Holdings is considering options for its
education platform, including an IPO.

https://gulfbusiness.com/abu-dhabis-alef-seeks-to-raise-515m-from-ipo/