The UAE's Alef Education, which is floating 20% of its share capital in an initial public offering (IPO), has set the final offer price at the top of the indicative range at 1.35 dirhams ($0.37) per share,  potentially raising AED 1.89 billion ($514 million).

This implies a market capitalisation at the time of listing of AED 9.45 billion ($2.57 billion), a statement on Thursday said.

At the end of the bookbuild, total demand for the IPO amounted to over AED 74 billion, implying an oversubscription level of approximately 39x in aggregate.

All the 1.4 billion shares to be offered are held by Tech Nova Investment – Sole Proprietorship L.L.C and Kryptonite Investments L.L.C.

The shares are expected to be admitted to the Abu Dhabi Stock Exchange on 12 June, under the ticker symbol “AlefEdT".

(Reporting by Brinda Darasha; editing by Seban Scaria)