Alef Education Holding plc increases the number of shares allocated to the First Tranche in its Initial Public Offering

(MENAFN- Brunswick Group) Abu Dhabi, UAE – 31 May 2024:


• The First Tranche offer (Individual Investors and other investors, including natural persons, companies and establishments as defined in the UAE Prospectus) increased to 140,000,000 ordinary shares from 112,000,000 ordinary shares as a result of significant demand from investors, equivalent to 10% of the Company’s total 1,400,000,000 existing ordinary shares being sold in the Offering (the” Shares”) up from the previously announced 8%
• The Second Tranche offer (Professional Investors as defined in the UAE Prospectus) has subsequently been reduced to 1,260,000,000 Shares from 1,288,000,000 Shares, equivalent to 90% of the total Shares on offer down from the previously announced 92%
• The offering size remains unchanged at 1,400,000,000 Shares, which is 20% of the Company’s issued share capital
• The subscription periods for the First Tranche Offer and the Second Tranche offer remain the same, with the former closing on 4 June 2024, and the latter set to close on 5 June 2024

Alef Education Holding plc (“Alef Education” or “Company” or “Group”), an award-winning AI-powered learning solutions provider based in Abu Dhabi, today announces that following the approval from the Securities and Exchange Authority (“SCA”), Tech Nova Investment – Sole Proprietorship L.L.C and Kryptonite Investments L.L.C (the “Selling Shareholders”), have exercised their right to increase the number of Shares allocated to the First Tranche offer of the Company’s initial public offering (“IPO” or the “Offering”) to 140,000,000 (one hundred and forty million) Shares from 112,000,000 (one hundred and twelve million) Shares in response to substantial demand from investors.

Subsequently, given the decision by the Selling Shareholders to increase the allotment to the First Tranche offer, the Second Tranche offer will be allotted 1,260,000,000 (one billion and two hundred and sixty million) Shares, instead of 1,288,000,000 (one billion two hundred and eighty-eight million) Shares. The total number of Shares on offer remains unchanged at 1,400,000,000 (one billion and four hundred million) shares, equivalent to 20% of the Company’s issued share capital.

Based on the previously announced price range of AED 1.30 to AED 1.35 per share, the size of the First Tranche offer will now be between AED 182 million and AED 189 million, representing a total of 10% of the IPO size.

All of the Shares are existing shares, with Tech Nova Investment – Sole Proprietorship L.L.C and Kryptonite Investments L.L.C selling 20% of their ownership in Alef Education. Following the completion of the IPO the Selling Shareholders will continue to hold of 68% and 12%, respectively of the Company’s issued share capital. Pursuant to an Underwriting Agreement entered into between the Company, the Selling Shareholders and the Joint Lead Managers, the shares held by the Selling Shareholders following the listing shall be subject to a lock-up from the date of the Underwriting Agreement up to and including 180 days from the date of listing on the Abu Dhabi Securities Exchange.

The IPO subscription period remains unchanged. The First Tranche offer closes on 4 June 2024, and the Second Tranche Offer will close on 5 June 2024.

The Final Offer Price will be determined through a book-building process upon the close of the Second Tranche Offer and is expected to be announced on 6 June 2024.

The completion of the Offering and admission of the Shares to listing and trading on the Main Market of the ADX is currently expected to take place on 12 June 2024, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of Admission from the SCA.

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