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Alef sets IPO range as bookbuilding kicks off: Abu Dhabi-based edtech firm Alef Education has set an indicative price range of AED 1.3-1.35 per share for its IPO, valuing the company at up to AED 9.45 bn, it said in a statement (pdf) yesterday. The share sale could see Alef raise as much as AED 1.89 bn. The final share price will be announced next Thursday, 6 June.
ICYMI- Alef’s shareholders, Tech Nova Investment and Kryptonite Investments, are offering up to a 20% stake (1.4 bn shares) in an IPO on the ADX. This is set to be Abu Dhabi’s first IPO of the year and the UAE’s third, following the successful IPOs of Parkin, which raised AED 1.57 bn, and Spinneys, which raised AED 1.38 bn.
Retail investors have until next Tuesday, 4 June to subscribe, while the subscription period for institutional investors wraps on Wednesday, 5 June. Shares are expected to begin trading on 12 June, according to the prospectus.
What they said: “Our investment proposition has been incredibly well received by the market, with significant interest in our offering since announcing our intention to float,” CEO Geoffrey Alphonso said.
Advisors: FAB and EFG Hermes are acting as joint lead managers and joint bookrunners. FAB is also the listing advisor and lead receiving bank of the IPO, with Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, and Al Maryah Community Bank acting as receiving banks.
More on Alef: Founded in Abu Dhabi in 2016, Alef’s flagship learning platform provides curated study plans for students using AI and machine learning tech, spanning several international markets, including the UAE, the US, Morocco and Indonesia.
REMEMBER- We have more IPOs in the pipeline: Last week, construction firm Alec tapped advisors for an IPO on the DFM. Amanat Holdings is also reportedly looking to list either its education or healthcare unit, with reports that its healthcare unit could raise some USD 200 mn as soon as this year, while shisha producer Advanced Inhalation Rituals was said to be eyeing an IPO in 1H 2024. Over on the ADX, Etihad Airways, and supermarket chain LuLu group have each tapped banks to advise on their transactions.
