Alef Education valued at $2.5bn as IPO price range set

Alef Education valued at $2.5bn as IPO price range set

Alef Education, the first education technology company to list on a UAE stock exchange, has set its initial public offering (IPO) price range between AED1.30 and AED1.35 ($0.35-0.37) per share. Accordingly, the market capitalisation will reach between AED9.1 billion and AED9.45 billion on listing.  The IPO subscription period starts today and is expected to close […]Alef Education, the first education technology company to list on a UAE stock exchange, has set its initial public offering (IPO) price range between AED1.30 and AED1.35 ($0.35-0.37) per share.

Accordingly, the market capitalisation will reach between AED9.1 billion and AED9.45 billion on listing. 

The IPO subscription period starts today 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 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. 

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

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

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