Alef Education IPO Sees Surge in Demand: First Tranche Allotment Increased to 140 Million Shares

Alef Education Holding plc (“Alef Education” or “Company” or “Group”) today announced 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.

The Second Tranche offer's allotment reduces to 1.26 billion shares from 1.288 billion shares, maintaining the total IPO size at 1.4 billion shares. The First Tranche's value, based on a price range of AED1.30 to AED1.35 per share, now ranges from AED182 million to AED189 million, comprising 10% of the IPO.

Tech Nova Investment – Sole Proprietorship L.L.C and Kryptonite Investments L.L.C are selling 20% of Alef Education's existing shares in an IPO. After the IPO, they'll retain 68% and 12% ownership respectively. A lock-up period of 180 days applies to their shares post-listing.

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.

News Source: Emirates News Agency