Alef Education, headquartered in Abu Dhabi, has commenced receiving investor orders for its initial public offering (IPO), aiming to raise up to $515M (AED 1.89B), marking the first listing on the local stock exchange this year.
Shareholders, Tech Nova Investment – Sole Proprietorship and Kryptonite Investments, are offering 1.4 billion shares, equivalent to 20 per cent of Alef’s total issued share capital. The indicative share price of AED 1.30 to AED 1.35 per share implies a market valuation of around AED 9.45B.
Post-listing, Tech Nova Investment – Sole Proprietorship and Kryptonite Investments will continue to own 68 per cent and 12 per cent shareholding, respectively.
Geoffrey Alphonso, CEO of Alef Education, says, “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.”
“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.
