Alef Education Holding on Tuesday announced the price range for the sale of its shares and the start of the subscription period for its Initial Public Offering (IPO) on the Main Market of the Abu Dhabi Securities Exchange (ADX).

In a statement, the company said that the Offer Price Range has been set between Dhs1.30 and Dhs1.35 per Share, implying a market capitalisation at the time of listing between Dhs9.10 billion ($2.48 billion) and Dhs9.45 billion ($2.57 billion).

Alef will offer 1.4 billion (1,400,000,000) Shares, each with a nominal value of Dhs0.01, which are being made available in the Offering, representing 20 per cent of the company’s issued share capital. As a result, the total Offering size is expected to be between Dhs1.82 billion ($496 million) and Dhs1.89 billion ($515 million).

Geoffrey Alphonso, Chief Executive Officer of Alef Education, commented, “Our investment proposition has been incredibly well received by the market, with significant interest in our Offering since announcing our intention to float. We look forward to announcing the final offer price next week and are excited to welcome new shareholders as we embark on our next phase of growth.”

All shares to be offered are existing shares held by Tech Nova Investment - Sole Proprietorship and Kryptonite Investments, who reserve the right to amend the size of the Offering at any time before the end of the subscription period subject to applicable laws and the approval of the Securities and Commodities Authority (SCA).