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Alef Education, an Abu Dhabi based edtech firm, has selected banks for a planned initial public offering (IPO).
The company is said to have selected EFG Holding’s EFG Hermes and First Abu Dhabi Bank to work on the IPO, Bloomberg reported, citing people familiar with the matter. The listing could take place as early as 2024.
The offering size and timing are preliminary and subject to change, Bloomberg quoted them as saying.
Representatives from Alef Education and FAB didn’t respond to Bloomberg’s request for a comment, while a spokesperson for EFG declined to comment.
The Middle East and North Africa region is in the midst of an IPO boom, with last month’s EY MENA IPO Eye Q4 2023 report stating the 2024 pipeline for the region currently includes 29 companies across various sectors looking to list, with Saudi Arabia and the UAE leading the way in terms of expected volumes.
(Writing by Bindu Rai, editing by Seban Scaria)
