Skip to content Skip to Search
Skip navigation

Alef Education IPO 39 times oversubscribed

Alef IPO edtech education technology Reuters/Jason Reed
The Middle East’s edtech sector will generate $11.2bn in annual revenue in 2030, the Delaware-based Verified Market Research predicts.
  • More than $20bn in orders
  • Share price at upper limit
  • Market cap of AED9.5bn

Orders totalling more than $20 billion were placed at the IPO of Abu Dhabi’s Alef Education this week, leaving it 39 times over-subscribed. 

The company raised AED1.9 billion ($515 million) in its initial public offering, the company said on Thursday. It will become the first education technology business to list on a UAE stock exchange.

The company sold 1.4 billion shares, or 20 percent of its stock, at AED1.35 ($0.37) a share, the upper limit of its price range.

That valuation would give the company a market capitalisation of AED9.5 billion. The shares will make their Abu Dhabi bourse debut on or around June 12.

Alef says that some 1.1 million school students use its educational platform across 6,730 schools in the UAE, the United States, Indonesia, Jordan and Morocco.

It provides “personalised learning experiences for all students so they learn at their own pace, anytime and anywhere,” the company’s website states.

The Middle East’s education technology sector will generate $11.2 billion in annual revenue in 2030, up from $5.6 billion in 2022, a report by US analyst Verified Market Research predicts.

Most Gulf companies that completed IPOs recently have seen their market capitalisation soar. Issuers have priced flotations adroitly to bolster investor demand for their stocks after listing.

From the start of 2023 to May 23, 2024, there had been 20 Gulf IPOs that raised at least $100 million. Combined, these sold $11.2 billion of shares.

As of that date, the share prices of 18 of these companies have increased since their listing. One remained flat and only one fell; Investcorp Capital, which was down 11 percent.

Latest articles

Shoppers choose vegetables in Istanbul; inflation means people are spending on essentials

Turkish retailers’ confidence wavers as inflation bites

Confidence is falling among Turkish retailers, according to a survey from the country’s statistics agency Turkstat. Shoppers have been scaling back on big-ticket purchases, spending instead on basic consumer goods as inflation piles pressure on household incomes. May’s business confidence report, released by Turkstat on June 24, showed sentiment in the retail sector at its […]

Water is handed out to pilgrims in Mecca. Hundreds of pilgrims without a Hajj permit died during extreme heat last week

Egypt shuts down 16 travel companies after Hajj tragedy

Egypt has withdrawn the operating licences of 16 travel companies for organising unlicensed Hajj trips to Saudi Arabia. A statement from the Egyptian government said the companies would be prosecuted and fined, with the funds used to compensate pilgrims’ families for their loss.  Hundreds of Egyptians were among 1,301 people who died of exposure to […]

A floating production unit in Israel's Karish gas field in the eastern Mediterranean. Carlyle is creating a new oil and gas company to manage the field

New Carlyle entity to manage East Med gas projects

Carlyle, the Nasdaq-listed private equity company, is creating a new oil and gas company to manage recently-acquired assets in the Mediterranean hydrocarbons market. The new as yet un-named entity will be led by former BP CEO Tony Hayward and will manage a portfolio of gas-weighted exploration and production assets in Italy, Egypt and Croatia, according […]

Spinneys plans to open another 12 stores in Saudi Arabia by 2028

Spinneys opens first Saudi supermarket in Riyadh

Spinneys has opened its first supermarket in Saudi Arabia and is planning a further 12 stores in the country by 2028. The UAE supermarket operator listed on the Dubai Financial Market last month and raised AED1.38 billion ($375.7 million) from its initial public offering, which was oversubscribed almost 64 times. The first Spinneys in Saudi […]