Abu Dhabi’s First IPO of the Year Draws $20 Billion in Orders
- The pricing implies a capitalization of 9.45 billion dirhams
- Alef to pay at least 135 million dirhams of dividends in 2024
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Abu Dhabi’s first initial public offering of the year drew in orders of $20 billion as appetite for listings in the Gulf remains healthy.
Alef Education’s shareholders will raise 1.89 billion dirhams ($515 million) after the deal priced at 1.35 dirhams per share, the top of the range. That implies a market capitalization of 9.45 billion dirhams. The offer was 39 times covered by local, regional, and international investors, according to a statement on Thursday.