Alef Education Holding on Thursday announced the successful completion of the bookbuild and subscription process for its Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
In a statement, the company unannounced the Final Offer Price at AED 1.35 per share, at the top end of the previously announced Offer Price Range, implying a market capitalisation at the listing of AED 9.45 billion (US$2.57 billion) and resulting in offer proceeds of AED 1.89 billion (US$514 million).
The Offering saw significant demand from local, regional, and international investors, with total gross demand for the IPO amounting to over AED 74 billion (US$ 20 billion), implying an oversubscription level of approximately 39x in aggregate.
The company expects to distribute a minimum dividend of AED 135 million with respect to each of its financial years ending 31st December 2024 and 2025 to all other shareholders (other than the Selling Shareholders), implying an annualised minimum dividend yield of 7.1 per cent based on the Final Offer Price.
Admission of shares to trading on the ADX is anticipated to occur on or around 12th June 2024.
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