Shares of the UAE's Alef Education fell below the listing price of 1.35 dirhams ($0.37) within an hour of open in its debut on the ADX on Wednesday.

At 11 a.m. local time, the shares were trading at AED 1.18, down 12.5%, after dipping 17.8% to a low of AED 1.11 per share.

The edutech firm floated 20% of its share capital in an initial public offering (IPO) recently, raising $514 million.

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

(Writing by Brinda Darasha; editing by Seban Scaria)