Education technology provider Alef Education has set the offer price range between Dh1.30 and Dh1.35 per share, giving a market capitalisation at listing between Dh9.10 billion ($2.48 billion) and Dh9.45 billion ($2.57 billion).
Alef will offer 1.4 billion shares at Dh0.01 each, representing 20% of the company’s issued share capital. The total offering size is expected to be between Dh1.82 billion ($496 million) and Dh1.89 billion ($515 million).
“Our investment proposition has been incredibly well received by the market, with significant interest in our offering since announcing our intention to float,” said Geoffrey Alphonso, CEO of Alef Education. “We look forward to announcing the final offer price next week and are excited to welcome new shareholders as we embark on our next phase of growth.”
The offered shares are currently held by Tech Nova Investment–Sole Proprietorship and Kryptonite Investments, who may adjust the offering size subject to regulatory approval.
Alef plans to distribute a minimum dividend of Dh135 million for each financial year ending December 31, 2024, and 2025, implying a dividend yield between 7.14% and 7.42%.
The IPO subscription period runs from May 28 to June 4, 2024, for individual investors and professional investors until June 5, 2024. The final offer price will be announced on June 6, 2024, with trading on the ADX expected to begin around June 12, 2024.
