IHC’s technology subsidiary Multiply Group to list on ADX starting from next week
Multiply Group, a subsidiary of Abu Dhabi’s International Holding Company, will list on the Abu Dhabi Securities Exchange on Sunday, making it the eighth IHC subsidiary to enter the emirate’s main market in less than a year.
A holding company that invests in tech-focused scalable businesses, Multiply Group’s listing will offer investors the opportunity to invest in disruptive digital technologies and other key industries, IHC said yesterday in a regulatory filing to the ADX, where its shares are traded.
The listing is part of IHC’s long-term strategy to widen its shareholder base and pursue new growth opportunities, according to Syed Shueb, chief executive, managing director and board member of IHC. Multiply is one of our most innovative, tech-driven portfolio companies and is well placed to capitalise on the rapid growth of the digital economy, both in the region and globally,” he said.
While the company did not disclose details of its listing, it had said in October that 30 per cent of Multiply’s shares will be offered, potentially valuing the company at Dh8 billion to Dh10bn ($2.2bn to $2.7bn)
The move comes as the region’s second-biggest bourse develops new offerings for regional and international investors.
The ADX has rallied about 58 per cent year-to-date on the back of initial public offerings, rising foreign investment and higher oil prices that have boosted investor confidence, leading to the market value soaring to nearly Dh1.5 trillion.
In October, Fertiglobe, the world’s largest seaborne exporter of urea and ammonia combined, raised about $795 million from its listing on the ADX. That offering followed Adnoc Drilling, which reaped $1.1bn from its listing the same month. In July, Al Yah Satellite Communications, better known as Yahsat, a unit of Mubadala Investment Company, raised about $730m through its listing.
“Listing on the ADX elevates the profile of Multiply Group, not only among regional and international investors, but also in the global technology ecosystem,” said Samia Bouazza, chief executive and board member of Multiply Group.
“With the strong growth momentum, we are set to continue investing in tech-driven companies that complement our expanding ecosystem and be at the forefront of the next phase of digital transformation.” IHC is also seeking an IPO for its majority owned healthcare company, Pure Health, which could take place in March 2022, Mr Shueb said.
IHC became Abu Dhabi’s most valuable listed company after the listing of its Alpha Dhabi unit in June and it currently has a market capitalisation of more than Dh267bn.
Multiply Group has assets worth Dh8.16bn as of the end of September, with the company having expanded rapidly in the past year through a series of acquisitions in the UAE and abroad to build a portfolio of high-return businesses.
The company said it intends to pursue further growth, organically and through scalable acquisitions, focusing on digital innovation in diverse sectors, including automotive, utilities, capital, wellness and communications.