Abu Dhabi’s Alef Education Holding began trading on the Abu Dhabi Securities Exchange (ADX), becoming the UAE’s first EdTech company to go public.
Shares of the AI-powered learning solutions provider began trading today under the symbol “AlefEdT,” marking ADX’s first IPO of 2024.
The landmark listing follows a blockbuster AED1.89 billion ($515 million) initial public offering that saw Alef Education sell 1.4 billion shares, or 20 percent of the company, at AED1.35 per share. Robust investor demand saw the offering 39 times oversubscribed, even after the retail tranche was increased from 8 percent to 10 percent.
“We are very pleased to be the first EdTech company to list in the UAE, which will help facilitate investor access to a promising new economy industry,” said Abdulhamid Mohammed Saeed Alahmadi, Chairman of the Board of Directors.
“Education is a cornerstone of societal and economic advancement, and Alef Education is proud to be creating innovative artificial intelligence solutions that help improve academic outcomes at a time of widening educational gaps worldwide. The rapid success of Alef Education also reflects the environment the Abu Dhabi government has created to nurture tech startups and to support their capital markets journeys.”
Founded in 2016, Alef Education has rapidly grown to become a trusted EdTech partner for governments and schools across the UAE, United States, Indonesia and Morocco. Its award-winning AI platform provides personalised learning for over 1.1 million students in around 7,000 schools.
CEO Geoffrey Alphonso said the massive IPO demand “is a vote of confidence in the Company’s strong fundamentals and attractive growth prospects.”
“As an established EdTech player with a strong track record of success…Alef Education stands to benefit from further scale as a market leader,” Alphonso stated.
At the market open bell-ringing ceremony, Alahmadi and Alphonso were joined by ADX chairman Ghannam Butti Almazrouei and chief executive Abdulla Salem Alnuaimi, as well as Alef Education’s board and senior executives.
Alef Education’s dividend payout plans
With an AED9.45 billion market capitalisation, Alef Education plans to pay shareholders a minimum annualised dividend of AED135 million for 2024 and 2025 performance.
The company’s public listing opens a new chapter for the EdTech unicorn and the UAE capital markets.
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