Alef Education Holding, an AI-powered learning solutions provider based in Abu Dhabi, has announced its intention to proceed with an initial public offering and listing of its ordinary shares on the main market of the Abu Dhabi Securities Exchange. The company is indirectly majority owned by Abu Dhabi Capital Group, a leading investment institution with a diverse investment mandate and sector-leading businesses. The selling shareholders plan to sell 20 percent of the total issued share capital of Alef Education, with all shares being existing shares sold by the selling shareholders, Tech Nova Investment – Sole Proprietorship L.L.C, and Kryptonite Investments L.L.C.
The first tranche offer for individual and other investors is expected to run from May 28 to June 4, 2024, comprising eight percent of the offer shares. The second tranche offer for professional investors is expected to run from May 28 to June 5, 2024, comprising 92 percent of the offer shares. The admission of shares to trading on the ADX is anticipated to occur on or around June 12, 2024. The Internal Shariah Supervision Committee of First Abu Dhabi Bank has issued a pronouncement confirming that the offering is compliant with Shariah principles.
Abdulhamid Mohammed Saeed Alahmadi, chairman of Alef Education’s board of directors, highlighted the company’s role in advancing the UAE’s education landscape. With the global EdTech market experiencing exponential growth, Alef Education has been a proponent and beneficiary of the trend, fueled by increased government spending and initiatives to leverage digital and AI tools in education delivery. Geoffrey Alphonso, chief executive officer of Alef Education, emphasized the company’s growth supported by the UAE government’s focus on quality education and increased fiscal spending on education. Alef Education intends to solidify its market leadership at home and expand across target markets through continued investment in digital capabilities, product offering, and geographic footprint expansion.
As the UAE education sector continues to witness significant growth and investment, Alef Education’s IPO on the ADX marks an important milestone in the company’s journey to become a global EdTech leader. With a well-defined growth strategy and a commitment to delivering strong shareholder returns, Alef Education aims to maximize its potential and attract new shareholders in this exciting new chapter. The company’s transparent dividend policy and focus on quality education position it well to capitalize on the increasing demand for digital and AI-driven learning solutions in the region. The IPO provides an opportunity for investors to participate in Alef Education’s growth story and benefit from the expanding EdTech market landscape.
