{"id":92202,"date":"2024-05-21T00:00:00","date_gmt":"2024-05-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/alef-education-plans-june-adx-debut\/"},"modified":"2024-05-21T00:00:00","modified_gmt":"2024-05-21T00:00:00","slug":"alef-education-plans-june-adx-debut","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/21\/alef-education-plans-june-adx-debut\/","title":{"rendered":"Alef Education plans June ADX debut"},"content":{"rendered":"

Abu Dhabi-based edtech firm <\/strong>Alef Education<\/a><\/strong> is planning to offer up to a 20% <\/strong>stake (1.4 bn shares) in an IPO on the ADX<\/strong>, according to a prospectus (pdf)<\/a> published yesterday. This is set to be Abu Dhabi's first IPO of the year and the UAE's third. It follows the successful IPOs of Parkin, which raised AED 1.57 bn<\/a>, and Spinneys, which raised AED 1.38 bn<\/a>, both driven by strong investor interest.<\/p>\n

REFRESHER- <\/strong>News of Alef listing on the Abu Dhabi bourse first broke in July 2023<\/a>, when it reportedly held talks with advisors about the potential listing. The education firm has since tapped<\/a> our friends at EFG Hermes and First Abu Dhabi Bank (FAB) to work on the IPO.<\/p>\n

Who\u2019s selling? <\/strong>Tech Nova Investment and Kryptonite Investments will be offering their shares in the IPO.<\/p>\n

The book-building process starts next Tuesday 28 May, <\/strong>with the subscription period for retail investors concluding on 4 June. Institutional investors\u2019 subscription period will wrap a day later on 5 June. Some 92% of the shares on offer will be allocated to institutional investors, while 8% will go to retail investors. Shares are expected to begin trading on 12 June, <\/strong>according to the prospectus.<\/p>\n

First glimpse into Alef\u2019s earnings: <\/strong>The company reported AED 110 mn in net income and AED 177 mn in revenue in 1Q 2024, according to the disclosure. The company\u2019s revenues grew 12.4% y-o-y in 2023 to AED 750 mn in 2023.<\/p>\n

Dividends: <\/strong>Alef is planning to pay shareholders a minimum dividend payout ratio of 90% of net income for both 2024 and 2025, and is targeting distributing no less than AED 135 mn annually for both years, according to the company\u2019s intention to float (pdf)<\/a>. Dividends will be paid semi-annually, with payouts for the first-half results distributed to shareholders in 4Q of that year, and dividends for the second half paid in 2Q of the following calendar year.<\/p>\n

Advisors: <\/strong>FAB<\/a> and EFG Hermes<\/a> 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<\/a>, Abu Dhabi Commercial Bank<\/a>, and Al Maryah Community Bank<\/a> acting as receiving banks.<\/p>\n

More on Alef: <\/strong>Founded in Abu Dhabi in 2016, Alef\u2019s 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. <\/p>\n

REMEMBER- We have more IPOs in the pipeline: <\/strong>Earlier this week<\/a>, construction firm Alec tapped advisors for an IPO on the DFM. Amanat Holdings is also reportedly looking to list<\/a> 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<\/a> in 1H 2024. Over on the ADX, Etihad Airways<\/a>, and supermarket chain LuLu group<\/a> have each tapped banks to advise on their transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"

The education firm plans to list its shares on the ADX on 12 June<\/p>\n","protected":false},"author":1,"featured_media":92203,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1560],"tags":[1036,1037,313,7,1392,149],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-alef-education","tag-edtech","tag-education","tag-enterpriseam-uae","tag-ipo","tag-ipo-watch","wpautop","entry"],"acf":{"mongo_id":"4e5daecb-6e2b-4935-8e23-d15a2606694c","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1337.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Alef Education plans to sell 20% stake in ADX IPO","related_issue":[92198],"teaser":"The education firm plans to list its shares on the ADX on 12 June","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.c39fe610-45c6-47d6-b111-af4b830769f8.mp3"},"yoast_head":"\nAlef Education plans June ADX debut - 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