The price range suggests a market capitalisation upon listing ranging between Dh9.10 billion and Dh9.45 billion 

Abu Dhabi, May 28, 2024: Alef Education, an Abu Dhabi-based AI-powered learning solutions provider, which is offering 20% of its share capital in an initial public offering (IPO), has set the price range between Dh1.30 and Dh1.35 per share.  

The price range suggests a market capitalisation upon listing ranging between Dh9.10 billion and Dh9.45 billion.  

The final offer price will be determined after the book-building process and is expected to be announced on June 6, followed by the listing on the ADX around June 12. 

The IPO subscription period starts on Tuesday and runs until June 4 for individual investors (first tranche) and until June 5 for professional investors (second tranche). 

All the 1.4 billion shares to be offered are held by Tech Nova Investment – Sole Proprietorship L.L.C and Kryptonite Investments L.L.C. 

The company expects to distribute a minimum dividend of Dh135 million with respect to each of its financial years ending December 31, 2024, and 2025 to all other shareholders (other than the Selling Shareholders), implying a dividend yield of around 7.42% at the bottom of the price range and around 7.14% at the top of the price range.