(Bloomberg) -- Alef Education dropped in its Abu Dhabi debut after raising 1.89 billion dirhams ($515 million), a rarity in the Middle East where initial...
-- Alef Education dropped in its Abu Dhabi debut after raising 1.89 billion dirhams , a rarity in the Middle East where initial public offerings have typically offered near-guaranteed returns in early trading.The shares fell to as low as 1.22 dirhams, down 9.6% from the offer price of 1.35 dirhams apiece. That’s a sharp contrast to the strong demand for the stock when the offer was unveiled — investors put in orders worth $20 billion and the deal was 39 times oversubscribed.
Founded in 2016 and indirectly majority owned by Abu Dhabi Capital Group, Alef Education serves the kindergarten to 12th grade sector. It operates in countries including the United Arab Emirates, Indonesia, Morocco and the US and plans to expand both organically and inorganically. Private school operator Taaleem Holdings, which listed in Dubai at the end of 2022, initially saw its shares fall below the offer price, but they are now trading 26% higher as profit rose on higher student enrollments.Alef said it plans to pay investors a dividend of at least 135 million dirhams for this year and 2025. First Abu Dhabi Bank PJSC and EFG Hermes were the joint lead managers and joint bookrunners on its IPO.
Another major Tesla investor is publicly opposing Elon Musk's $56 billion pay package days before investors vote on the enormous figure.This dividend stock's dividend just rose higher as the price of silver dropped, but don't let that scare you off from this top stock. The post Buy the Dip: 1 Dividend Stock Due to Shine appeared first on The Motley Fool Canada.
Initial Public Offerings Alef Education Abu Dhabi Kryptonite Investments LLC Sole Proprietorship LLC
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Abu Dhabi’s First IPO of the Year Draws $20 Billion in OrdersAbu Dhabi’s first initial public offering of the year drew in orders of $20 billion as appetite for listings in the Gulf remains healthy.
Read more »
Edtech Firm Seeks $515 Million in Abu Dhabi’s First IPO of 2024Abu Dhabi-based Alef Education’s shareholders are looking to raise as much as 1.89 billion dirhams ($515 million) in an initial public offering that will be the first in the United Arab Emirates’ capital this year.
Read more »
Edtech Firm Alef to Go Public in Abu Dhabi’s First IPO of 2024Abu Dhabi-based Alef Education’s shareholders plan to sell a 20% stake in an initial public offering that will be the first in the United Arab Emirates’ capital this year.
Read more »
First Abu Dhabi Bank’s Talks With Turkish Lender Hit Snag on ValuationFirst Abu Dhabi Bank PJSC has held preliminary talks to buy a controlling stake in Turkey’s Yapi Ve Kredi Bankasi AS, though the discussions have been hamstrung by disagreements over price, people familiar with the matter said.
Read more »
Uruguay’s First IPO Under New Rules Set for June With Tech FirmUruguay’s first initial public offering under streamlined regulations introduced two years ago is expected to launch in late June, testing investor appetite for the South American country’s tech sector.
Read more »
Henderson homers on first pitch, Orioles beat Rays for first 4-game sweep at Tropicana FieldGunnar Henderson homered on the first pitch, Ryan O’Hearn drove in three runs and the Baltimore Orioles beat the Tampa Bay Rays 5-2 on Monday night to finish a four-game sweep.
Read more »