{"id":93024,"date":"2024-06-13T00:00:00","date_gmt":"2024-06-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/abu-dhabis-first-ipo-in-2024-tumbles-18-on-market-debut\/"},"modified":"2024-06-13T00:00:00","modified_gmt":"2024-06-13T00:00:00","slug":"abu-dhabis-first-ipo-in-2024-tumbles-18-on-market-debut","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/abu-dhabis-first-ipo-in-2024-tumbles-18-on-market-debut\/","title":{"rendered":"Abu Dhabi\u2019s first IPO in 2024 tumbles 18% on market debut"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A lackluster debut for Alef:<\/strong> Abu Dhabi-based edtech firm Alef Education was off to a rough start, falling 18% to AED 1.11 on its trading debut on the ADX, compared to the final IPO price of AED 1.35 per share. <strong>The company\u2019s shares ended the trading session down 12.59%<\/strong>, closing at AED 1.18.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Refresher:<\/strong> The edtech firm raised 1.89 bn from its share sale after pricing it at the top of the initial price range, with over AED 74 bn in orders from local, regional and international investors at the close of the offering period. The order book was 39x oversubscribed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WATCH THIS SPACE-<\/strong> <strong>Alef is planning to close one or two acquisitions in 2024<\/strong>, \u201cwhich will complement the business and help us fulfill our growth ambitions,\u201d the edtech firm\u2019s CEO Geoffrey Alphonso told <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/business\/markets\/2024\/06\/12\/alef-education-shares-slump-on-adx-trading-debut\/#:~:text=We%20have%20categorised,ambitions%2C%E2%80%9D%20he%20added.\" style=\"\" rel=\"noopener\">The National<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER<\/strong>- Alef\u2019s shareholders, Tech Nova Investment and Kryptonite Investments sold <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/4e5daecb-6e2b-4935-8e23-d15a2606694c\/alef-education-plans-june-adx-debut\" style=\"\" rel=\"noopener\">1.4 bn shares<\/a> \u2014 representing a 20% stake \u2014 in the IPO, which marked Abu Dhabi's first IPO of the year and the UAE's third, following the successful IPOs of Parkin, which raised <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/de573f5b-c1df-4b13-ba64-58e95fdfcffb\/%253cmark%253eparkin%253c%2Fmark%253e-share-price-rises-35%2525-on-market-debut\" style=\"\" rel=\"noopener\">AED 1.57 bn<\/a>, and Spinneys, which <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/65ee8d31-39fa-4506-ac4e-bdf3e240be04\/%253cmark%253espinneys%253c%2Fmark%253e-share-jump-on-market-debut\" style=\"\" rel=\"noopener\">raised AED 1.38 bn<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Alef\u2019s slump is a far cry from the average performance of Abu Dhabi\u2019s other IPOs. <\/strong>The 14 companies that listed their shares in the last three years saw their shares rise by an average of 31% upon debut, according to data compiled by <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-12\/abu-dhabi-s-first-ipo-of-the-year-falls-10-in-trading-debut?srnd=markets-vp#:~:text=Abu%20Dhabi%E2%80%99s%20first%20IPO%20of%202024,according%20to%20data%20compiled%20by%20Bloomberg.\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. Agility Global, which had a technical listing on the ADX in May, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/40cd08aa-1d5d-4ea6-a6e3-dfba0d137825\/%253cmark%253eagility%253c%2Fmark%253e-global-shares-jump-more-than-four-fold-on-adx-debut\" style=\"\" rel=\"noopener\">quadrupled<\/a> on its debut. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ADX could be seeing more IPOs this year<\/strong> from companies in new sectors, ADX President Abdulla Salem Al Nuaimi told CNBC Arabia in <a target=\"_blank\" href=\"https:\/\/www.cnbcarabia.com\/121267\/2024\/26\/03\/%D8%A7%D9%84%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D8%AA%D9%86%D9%81%D9%8A%D8%B0%D9%8A-%D9%84%D8%B3%D9%88%D9%82-%D8%A3%D8%A8%D9%88%D8%B8%D8%A8%D9%8A-%D9%84%D9%84%D8%A3%D9%88%D8%B1%D8%A7%D9%82-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D9%84%D9%80-CNBC-%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9:-%D9%86%D8%AD%D9%86-%D9%81%D9%8A-%D9%86%D9%82%D8%A7%D8%B4-%D8%AD%D8%A7%D9%84%D9%8A%D8%A7-%D9%84%D8%B7%D8%B1%D8%AD-%D8%A3%D9%86%D9%88%D8%A7%D8%B9-%D8%AC%D8%AF%D9%8A%D8%AF-%D9%85%D9%86-%D8%A7%D9%84%D8%B5%D9%86%D8%A7%D8%AF%D9%8A%D9%82-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D9%8A%D8%A9-%D9%81%D9%8A-%D8%A7%D9%84%D8%B3%D9%88%D9%82\" style=\"\" rel=\"noopener\">March<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> First Abu Dhabi Bank (FAB) and EFG Hermes acted as joint lead managers and bookrunners for Alef\u2019s IPO. FAB was 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- We have more IPOs in the pipeline: <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/c51b4ea9-069c-433b-a44a-d91139d4417f\" style=\"\" rel=\"noopener\">Etihad Airways<\/a> and supermarket chain <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/fa864923-b630-428a-8983-899370e1ccb4\/lulu-moves-forward-with-planned-ipo\" style=\"\" rel=\"noopener\">LuLu group<\/a> have each tapped banks to advise on their planned IPOs on the ADX, while over on the DFM, both construction firm <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/e2feb924-f76a-4703-af1e-485f9061c6b2\/icd-backed-alec-taps-banks-ahead-of-planned-ipo\" style=\"\" rel=\"noopener\">Alec<\/a> and hospitality group <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/e41498de-e70b-4fe3-81cc-992793f20f9c\/%253cmark%253efive-holdings%253c%2Fmark%253e-taps-banks-for-2025-ipo\" style=\"\" rel=\"noopener\">Five Holdings<\/a> tapped <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/e2feb924-f76a-4703-af1e-485f9061c6b2\/icd-backed-alec-taps-banks-ahead-of-planned-ipo\" style=\"\" rel=\"noopener\"><\/a> advisors, and shisha producer Advanced Inhalation Rituals was said to be <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/mideasts-biggest-tobacco-firm-air-invites-banks-pitch-roles-ipo-sources-2023-07-04\/\" style=\"\" rel=\"noopener\">eyeing an IPO<\/a> in 1H 2024. Amanat Holdings is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/a7487593-d87d-409f-8b7b-96601eda5c08\/expect-at-least-five-more-ipos-in-the-uae-this-year\" style=\"\" rel=\"noopener\">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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story also got ink <\/strong>in <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/alef-education-shares-tumble-almost-18-abu-dhabi-debut-2024-06-12\/\" style=\"\" rel=\"noopener\">Reuters<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Alef\u2019s shares ended the day down 12.59%<\/p>\n","protected":false},"author":1,"featured_media":93025,"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-93024","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":"8f0fda5b-4767-467e-a4af-d1219b067b0e","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1165.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Ab Dhabi\u2019s Alef shares drop 18% on ADX debut","related_issue":[93019],"teaser":"Alef\u2019s shares ended the day down 12.59%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.60a052d1-07d2-43f6-8457-f0080282df16.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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