Alef Education Holding plc, an Abu Dhabi-based provider of AI-powered learning solutions, announced Thursday that its initial public offering had been oversubscribed 39 times, with a total gross demand of over Dh74 billion from local, regional, and foreign investors.
In addition, Alef declared that the book build and subscription process for the Abu Dhabi Securities Exchange’s main market had been completed successfully. The company and selling shareholders confirmed the offering size of 1.4 billion shares, or 20% of the group’s issued share capital. The annualized dividend yield to all other shareholders (apart from the selling shareholders) will be at least 7.1% after listing, contingent on the final offer price. The selling shareholders, Tech Nova Investment – Sole Proprietorship L.L.C. and Kryptonite Investments L.L.C., will keep 68% and 12% of the shares, respectively, after the IPO.
The current price of Dh1.35, according to Valecha, “implies a PE multiple of a mere 20x,” so investors can expect Alef’s shares to rise. Alef should ideally be able to command a higher premium because it is an asset-light ED tech company, he continued.
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