The offering saw significant demand from local, regional, and international investors with total gross demand for the IPO amounting to more than Dh74 billion 

Abu Dhabi, Jun 6, 2024: Alef Education Holding has successfully completed the bookbuild and subscription process for its Initial Public Offering (IPO) on the Main Market of the Abu Dhabi Securities Exchange (ADX). 

The company unannounced the Final Offer Price at Dh1.35 per Share, at the top end of the previously announced Offer Price Range, implying a market capitalisation at the listing of Dh9.45 billion (US$2.57 billion) and resulting in offer proceeds of Dh1.89 billion (US$514 million). 

The offering saw significant demand from local, regional and international investors, with total gross demand for the IPO amounting to more than Dh74 billion (US$ 20 billion), implying an oversubscription level of approximately 39x. 

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 an annualised minimum dividend yield of 7.1% based on the Final Offer Price. 

Admission of shares to trading on the ADX is anticipated to occur on or around June 12, 2024. 

Geoffrey Alphonso, Chief Executive Officer of Alef Education says, “The 39x oversubscription in our IPO not only reflects the appeal of our Offering but also the belief in our future growth and ability to continue advancing educational outcomes for the communities we serve. The demand for our products and services remains high, especially given the increasing public and private investment in education across the MENA region.”