{"id":92636,"date":"2024-06-03T00:00:00","date_gmt":"2024-06-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/alef-increases-retail-shares-in-adx-debut\/"},"modified":"2024-06-03T00:00:00","modified_gmt":"2024-06-03T00:00:00","slug":"alef-increases-retail-shares-in-adx-debut","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/06\/03\/alef-increases-retail-shares-in-adx-debut\/","title":{"rendered":"Alef increases retail shares in ADX debut"},"content":{"rendered":"

Abu Dhabi-based edtech firm <\/strong>Alef Education<\/a><\/strong> raised the number of shares <\/strong>offered <\/strong>to retail investors in its IPO to 140 mn<\/strong>, representing 10% of the offering \u2014 up from the initial 8% \u2014 on the back of strong investor demand, the company said in a statement (pdf)<\/a>. Alef narrowed the size of its institutional tranche to 90%, down from 92%, to accommodate the change.<\/p>\n

About the offering:<\/strong> Alef shareholders Tech Nova Investment and Kryptonite Investments are selling a total of 1.4 bn shares<\/a> \u2014 equivalent to 20% of its total share capital \u2014 on the ADX in Abu Dhabi's first IPO of the year and the UAE's third. The edtech firm set the price range<\/a> between AED 1.30-1.35 per share, valuing the retail tranche between AED 182-189 mn, and putting it on course to raise as much as AED 1.89 bn.<\/p>\n

No changes in the timeline: <\/strong>The book-building process began last Tuesday, 28 May, with the subscription period for retail investors set to conclude tomorrow. Institutional investors\u2019 subscription period will wrap a day later on Wednesday. Shares are expected to begin trading on 12 June.<\/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>Etihad Airways<\/a> and supermarket chain LuLu group<\/a> have each tapped banks to advise on their planned IPOs on the ADX, while over on the DFM, construction firm Alec tapped<\/a> advisors, and shisha producer Advanced Inhalation Rituals was said to be eyeing an IPO<\/a> in 1H 2024. Amanat Holdings is 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. <\/p>\n","protected":false},"excerpt":{"rendered":"

Retail investors\u2019 subscription will end tomorrow<\/p>\n","protected":false},"author":1,"featured_media":92637,"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":[74,1036,1037,7,1392,149],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-adx","tag-alef-education","tag-edtech","tag-enterpriseam-uae","tag-ipo","tag-ipo-watch","wpautop","entry"],"acf":{"mongo_id":"114d9a15-071c-47c0-a297-12434ec32945","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 boosts retail offering in IPO","related_issue":[92631],"teaser":"Retail investors\u2019 subscription will end tomorrow","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.3f357f52-051a-4621-8c7e-331d7dbe2296.mp3"},"yoast_head":"\nAlef increases retail shares in ADX debut - 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