UAE’s Alef Education to raise up to $515 million in IPO

UAE’s Alef Education to raise up to $515 million in IPO

Published: Tue 28 May 2024, 10:46 AM

Educational technology provider Alef Education plans to raise as much as $515 million in its initial public offering (IPO) on the Abu Dhabi stock market, it said on Tuesday (May 28).

The indicative price range for the IPO was set at 1.30-1.35 dirhams per share, implying a market capitalisation of between $2.48 billion-2.57 billion, the firms said in a statement.

Shareholders Tech Nova Investment, Sole Proprietorship and Kryptonite Investments intend to offer 1.4 billion shares representing 20% of its share capital, Alef said, adding shares are expected to start trading on June 12.

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Funded in 2016, Alef provides artificial intelligence (AI)-powered and personalised learning programmes. The platform served around 1.1 million registered students, 50,000 teachers and 7,000 schools as of the end of last year.