Today's Edition
ABU DHABI (WAM)
Shares of Alef Education Holding plc on Wednesday began trading on the Abu Dhabi Securities Exchange (ADX), marking the introduction of the first EdTech company on the ADX and the first company to go public on the Exchange in 2024.
Chairman of Alef Education's Board of Directors, Abdulhamid Mohammed Saeed Alahmadi, and Chief Executive Officer of Alef Education, Geoffrey Alphonso, rang the market opening bell at Wednesday's official listing ceremony in the presence of 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 Dh1.89 billion through the sale of 1.4 billion shares, or 20 percent of the company, at Dh1.35 per share.
At the time of listing, the Group's market capitalisation was Dh9.45 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 percent to 10 percent.
"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," Alahmadi said.
Alphonso said, "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 December 31, 2024 and 2025, the company intends to pay a target minimum dividend amount to investors equivalent to an annualised dividend of Dh135 million relating to its performance for the financial year ending December 31, 2024 and Dh135 million relating to its performance for the financial year ending December 31, 2025.
