Alef Education Holding has announced its intention to offer 20% of its shares on the Abu Dhabi Securities Market, which will be the first IPO on the UAE capital’s market.
The Abu Dhabi-based AI-based education solutions provider said the shares on offer are owned by Technova Investments and Cryptonite Investments, according to an intention to float prospectus issued on Monday.
The company appointed First Abu Dhabi Bank as the offering advisor, and also engaged it, along with Hermes, as joint bookrunners and bookrunners. It appointed First Abu Dhabi Bank as the lead bank to receive the subscription, along with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank and Al Maryah Bank as receiving banks for the retail investor segment.
Highlights of the offering:
- 1.4 billion shares were sold, 8% of which were allocated to individual investors and the rest to institutions.
- The subscription process for all investors will start from May 28 to June 4 for individuals and June 5 for institutions.
- Final offering price to be announced June 6.
- The company expects to begin trading its shares on the market on June 12.
The CEO of the Abu Dhabi Market had said in an interview with Asharq earlier this month that the market is awaiting an offering within days, and is anticipating 3 new offerings during the second half of this year, one of which is likely to be a dual listing with a regional financial market.
IPOs in the Abu Dhabi market were more active last year, with six companies listed starting in the first quarter: ADNOC Gas, Presight, ADNOC Logistics, Investcorp Capital, Phoenix Group, and Pure Health Holding.
