#AbuDhabi-Based Edtech Firm Alef Is Said to Tap Banks for IPO - Bloomberg

Abu Dhabi-Based Edtech Firm Alef Is Said to Tap Banks for IPO - Bloomberg

Alef Education, an Abu Dhabi-based edtech firm, has picked EFG Holding and First Abu Dhabi Bank to work on its planned initial public offering, according to people familiar with the matter.

The listing in the United Arab Emirates’ capital could take place as soon as this year, the people said, asking not to be identified as the information isn’t public.

Details of the offering such as size and timing are still preliminary and subject to change, they said.

Representatives for Alef Education and FAB didn’t respond to requests for comment, while a spokesperson for EFG declined to comment.

Founded in 2016, the company serves the kindergarten to 12th grade sector with its technology and services, which include a learning platform, curriculum design, professional development for teachers and artificial intelligence, according to its website.

Parents in the UAE are among the world’s biggest spenders when it comes to educating their children. Dubai’s emergence as a post-Covid haven has drawn newcomers to the emirate, where private schools are mandatory for expatriate children.

Private school operator Taaleem Holdings, which listed in Dubai at the end of 2022, has seen its shares surge 23% since the IPO as profit rose on higher student enrollments.

The Middle East has been in the midst of an IPO boom since late 2021, driven by high oil prices and abundant local liquidity. Most share sales in the UAE have been government privatizations, but a number of privately-held firms are considering going public too, such as supermarket chains Spinneys Dubai LLC and LuLu Group International, Bloomberg News has reported.