Page 90 - 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.

However, the selling shareholders will not receive proceeds from the IPO.

Alef shares are expected to start trading on June 12 on the Abu Dhabi Securities
Exchange.

The final offer price will be determined after the book-building process on June 6.

The selling shareholders, Tech Nova Investment, Sole Proprietorship and Kryptonite
Investments, are offloading 1.4 billion shares, with a total offering size between
AED1.82 billion and AED1.89 billion.

As of 2023, the company’s platforms, including its international ventures, served more
than one million registered students, 50,000 teachers, and 7,000 schools.

Alef Education was founded in the UAE in 2016. It entered the US market in 2018,
followed by Indonesia in 2021 and Morocco in 2022. It entered the Qatar market last
year through a reseller agreement.

The company’s revenues reached AED750 million in 2023, a 12 percent increase from
AED667 million in 2021. It is expected to pay a minimum dividend payout ratio of 90
percent, or AED135 million, of the net profit for 2024 and 2025 each year.

https://www.agbi.com/markets/2024/05/alef-education-valued-at-2-5bn-as-ipo-price-range-set/