Edtech firm Alef Education’s initial public offering (IPO) in Abu Dhabi has been oversubscribed 39 times. In a separate development, the Future Fund and the Queensland Investment Corporation (QIC) have completed the acquisition of a minority stake in the EastLink toll road network.
Abu Dhabi edtech firm Alef’s IPO oversubscribed
Abu Dhabi-based edtech firm Alef Education has received orders worth 74 billion dirhams ($20 billion) in its initial public offering (IPO).
The company will raise 1.89 billion dirhams ($515 million) from the IPO after subscriptions for its shares, priced at 1.35 dirhams apiece, closed. The offer was 39 times oversubscribed.
The 1.4 billion shares, or a stake of 20%, sold in the IPO were held by Tech Nova Investment – Sole Proprietorship LLC and Kryptonite Investments LLC.
Established in 2016, Alef Education is an AI-powered learning solutions provider based in Abu Dhabi that integrates technology, data analytics, and pedagogy to redefine teaching and learning experiences across K-12 education.
Alef Education operates in countries including the United Arab Emirates, Indonesia, Morocco and the US and plans to expand both organically and inorganically.
Future Fund, QIC buy stake in EastLink toll road
Australia’s sovereign wealth fund The Future Fund and Queensland Government-owned investment company Queensland Investment Corporation (QIC) have announced that they have reached the financial close for a minority interest in the EastLink toll road network sold by New Zealand Superannuation Fund and Teachers Insurance and Annuity Association of America.
The transaction comprises a 19.8% interest in Connect East Group, owner of the largest toll road network in Victoria with a 39 km toll road (EastLink) and a 1 km bypass (Ringwood Bypass).
EastLink is the only major north-south transport artery in Melbourne’s east, connecting the Eastern, Monash, Peninsula Link and Frankston freeways. An average 250,000 vehicles, including 50,000 commercial vehicles use the toll road daily.
“This is the Future Fund’s first direct investment in an Australian toll road and is in line with our strategy to seek more Australian dollar exposures,” said Ben Samild, Chief Investment Officer for the Future Fund.
“Infrastructure assets such as Eastlink provide reliable long-term returns and help to protect the portfolio from sustained higher inflation and interest rates,” he added.
The Future Fund, Australia’s sovereign wealth fund, has a long track record of direct investment in Australian infrastructure, including significant interests in some of Australia’s largest transport assets.
The Fund takes an active role in the governance of these investments, to be an effective long-term steward of capital. QIC has a long-established relationship with Future Fund and will manage this investment on its behalf, leveraging its long-held experience in the transport sector.