Alef Education raises $515 million in oversubscribed IPO
The deal priced shares at 1.35 dirhams each, implying a market capitalization of $2.6 billion
The Abu Dhabi Securities Exchange's ADX logo is seen on a smartphone. (Photo: Getty Images)
Alef Education delivered a promising IPO, the first of the year for Abu Dhabi’s ADX, pricing the education technology platform at the top of the range and drawing $20 billion in orders.
The offering was 39 times oversubscribed and raised a total AED 1.89 billion ($515 million) after the deal priced shares at 1.35 dirhams each, implying a market capitalization of $2.6 billion.
Alef, founded in 2016 and indirectly owned by private asset manager Abu Dhabi Capital Group, makes online learning programs for K through 12 students, with customers in the UAE, Morocco, Indonesia and the U.S. Shares are expected to be listed on June 12 under the ticker symbol “AlefEdT.”