Friday, June 21, 2024
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UAE: 39 times Oversubscribed for Alef Education’s Initial Public Offering

On Thursday, Alef Education Holding plc, an AI-powered learning solutions provider based in Abu Dhabi, revealed that the total gross demand from local, regional, and international investors for its initial public offering exceeded 39 times.

Alef also declared that the book build and subscription process for the Abu Dhabi Securities Exchange’s main market had been completed.

The final offer price has been set at the upper end of the previously disclosed offer price range: Dh1.35 per share. This suggests a Dh9.45 billion market capitalization at the time of listing, yielding Dh1.89 billion in offer proceeds.

For each of its fiscal years ending December 31, 2024, and 2025, the company anticipates paying a minimum dividend of Dh135 million to all other shareholders (apart from the selling shareholders). This implies an annualized minimum dividend yield of 7.1% based on the final offer price.

Because Alef’s current price of Dh1.35 “implies a PE multiple of a mere 20x,” investors can expect the stock to rise. Alef, an ED tech company with an asset-light model, ought to be able to fetch a higher price, he continued.

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Friday, June 21, 2024

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