Edtech Provider Alef Education Seeks USD 515 million in IPO

UAE-based educational technology provider Alef Education is seeking to raise as much as USD 515 million (AED 1.89 billion) in its initial public offering (IPO) on the local Abu Dhabi bourse. This will be the first IPO of 2024 for Abu Dhabi.

The indicative price range for the IPO was set between AED 1.30 and AED 1.35 per share, with shareholders selling at a 20% stake, and implying a market capitalisation between USD 2.48 billion and USD 2.57 billion.

Shareholders Tech Nova Investment, Sole Proprietorship and Kryptonite Investments allegedly intend to sell 1.4 billion shares, 20% of the share capital. Trading is expected to start on the Abu Dhabi Securities Exchange on 12th June.

Founded in 2016, Alef provides AI-powered, personalised learning programmes. The company served approximately 1.1 million registered students, 50,000 teachers and 7,000 schools as of the end of 2023.