Alef Education Holding lists on the Abu Dhabi Securities Exchange and starts trading

(MENAFN- Brunswick Group) Abu Dhabi, UAE – 12 June 2024: Shares of Alef Education Holding plc (“Alef Education”, “Company”, or “Group”), an award-winning AI-powered learning solutions provider based in Abu Dhabi, began trading on the Abu Dhabi Securities Exchange (“ADX” or “the Exchange”) today under the ticker symbol “AlefEdT”. The new listing marks the introduction of the first EdTech company on the ADX and in the UAE and the first company to go public on the Exchange in 2024.

Since its inception in 2016, Alef Education has become a trusted partner for governments and private schools in the UAE and beyond, providing cutting-edge AI-driven solutions from kindergarten to Grade 12 that transform how students learn. More than 1.1 million registered students in approximately 7,000 schools in the UAE, the United States, Indonesia, and Morocco use Alef Education’s award-winning platform. The diversified Alef Platform provides personalised learning experiences for all students so they learn at their own pace, anytime and anywhere. Artificial intelligence allows students to receive individualised instruction and enables them to choose how they prefer to learn.

H.E. Abdulhamid Mohammed Saeed Alahmadi, Chairman of Alef Education’s Board of Directors, and Geoffrey Alphonso, Chief Executive Officer of Alef Education, rang the market opening bell at today’s official listing ceremony in the presence of H.E. Ghannam Butti Almazrouei, ADX’s Chairman and Abdulla Salem Alnuaimi, ADX’s Chief Executive Officer. The ceremony was also attended by the Alef Education board, alongside senior executives of both Alef Education and the ADX.

Alef Education shares began trading following the successful public offering, which raised AED 1.89 billion through the sale of 1.4 billion shares, or 20% of the Company, at AED 1.35 per share. At the time of listing, the Group's market capitalisation was AED 9.45 billion.

The Group’s IPO met with robust demand from investors. The Offering was 39x oversubscribed, even after the retail tranche was increased from 8% to 10%.

H.E. Abdulhamid Mohammed Saeed Alahmadi, Chairman of Alef Education’s Board of Directors, said: “We are very pleased to be the first EdTech company to list in the UAE, which will help facilitate investor access to a promising new economy industry. Education is a cornerstone of societal and economic advancement, and Alef Education is proud to be creating innovative artificial intelligence solutions that help improve academic outcomes at a time of widening educational gaps worldwide. The rapid success of Alef Education also reflects the environment the Abu Dhabi government has created to nurture tech startups and to support their capital markets journeys.”

Geoffrey Alphonso, Chief Executive Officer of Alef Education, commented: “The robust demand for shares of Alef Education is a vote of confidence in the Company’s strong fundamentals and attractive growth prospects. The Group’s robust financial position and capacity to raise capital position it well to take advantage of growth opportunities and continue maximising shareholder value. As an established EdTech player with a strong track record of success across its countries of operation, including the UAE, Indonesia, the US, and Morocco, Alef Education stands to benefit from further scale as a market leader.”

For the financial years ending 31 December 2024 and 2025, the Company intends to pay a target minimum dividend amount to investors equivalent to an annualised dividend of AED 135 million relating to its performance for the financial year ending 31 December 2024 and AED 135 million relating to its performance for the financial year ending 31 December 2025.


Brunswick Group

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.