UAE - Mubasher: Alef Education Holding, an Abu Dhabi-based AI-powered learning solutions provider, has announced plans to list 1.40 billion shares, representing 20 of its capital, on the main market of the Abu Dhabi Securities Exchange (ADX).

The offering will consist of two tranches to individual and professional investors, according to a press release.

The first tranche will include 112 million shares, or 8% of the offer shares, while the second tranche will comprise 1.28 billion shares, or 92% of the total offering.

The first tranche subscription period is expected from 28 May to 4 June 2024, and the second tranche from 28 May to 5 June.

Completion of the offering and share listing on the main market of the ADX is anticipated around 12 June, subject to market conditions and regulatory approvals.

First Abu Dhabi Bank (FAB) has been appointed as the listing advisor. FAB and EFG Hermes UAE have been appointed as joint lead managers and joint bookrunners.

FAB will also serve as the lead receiving bank, with Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), and Al Maryah Community Bank acting as receiving banks for the individual investors’ tranche.

Abdulhamid Mohammed Saeed Alahmadi, Chairman of Alef Education, said: “Since its inception, Alef Education has played a pivotal role in advancing the UAE’s education landscape, delivering a significant, tangible, and positive impact for the students and education communities we serve.”

“We take immense pride in our standing as a trusted partner of choice for both governments and education institutions, catering to their diverse and evolving education and learning requirements,” Alahmadi added.

Geoffrey Alphonso, CEO of Alef Education, commented: “Alef Education’s growing presence across the UAE and internationally, as well as its leading position as a UAE-born and holistic provider of digital education solutions, sets it apart from other players in the market.”

"Our IPO on ADX is an important milestone and natural progression in our journey to maximise our potential and become a global EdTech leader,” Alphonso noted.

Alef Education is an award-winning AI-powered and personalised learning solution and digital education resource for grades K-12, serving governments, schools, educators, students, and parents in the UAE and globally.

As of 2023, the platform supports approximately 1.10 million registered students, 50,000 teachers, and 7,000 schools.

Alef Education is indirectly majority-owned by Abu Dhabi Capital Group (ADCG), a leading private institutional investment group in the Middle East and North Africa with a portfolio spanning multiple asset classes, industries, and geographies.