Alef Education, a prominent educational technology provider, has announced plans to raise up to $515 million through an initial public offering (IPO) on the Abu Dhabi Securities Exchange. The company has set the indicative price range for the IPO at 1.30-1.35 dirhams per share, aiming for a market capitalization between $2.48 billion and $2.57 billion.
The IPO will see shareholders Tech Nova Investment, Sole Proprietorship, and Kryptonite Investments offering 1.4 billion shares, which represent 20% of Alef’s share capital. Trading is expected to begin on June 12.
Alef Education, founded in 2016, specializes in AI-powered personalized learning programs. By the end of last year, its platform was serving approximately 1.1 million students, 50,000 teachers, and 7,000 schools. This IPO will enable Alef to further develop its technology and expand its reach.
This move comes as other education firms in the region, such as Taaleem Holdings and Amanat Holdings, explore similar public listings to meet the increasing demand for innovative educational solutions. Alef’s successful listing is expected to attract considerable investor interest, aligning with the UAE’s emphasis on technological advancement in education.
Alef Education’s IPO is a significant step in its growth strategy, providing the necessary capital to enhance its services and expand into new markets. This aligns with the UAE’s vision of promoting innovation and improving educational outcomes through technology.
Photo source: Google
Montel Kamau
Serrari Financial Analyst
28th May, 2024
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