IHC may sell 20% of its tech unit in IPO

International Holding Company plans to sell 20 per cent of its technology unit in an initial public offering next year, its CEO told Reuters, adding that the company is aiming for a first quarter IPO of Pure Health to raise more than $1 billion.

IHC, the UAE’s largest publicly traded company worth more than $200 billion, has been on a consolidation and acquisition drive. This has led to two IHC subsidiaries rounding out the three biggest companies on the Abu Dhabi Securities Exchange (ADX).

Asked about plans for International Technology Holding (ITH), CEO Syed Basar Shueb said IHC will likely list 20 per cent of it in the third quarter and is in talks with local firms about possible acquisitions by the group born out of IHC’s IT sector holdings.

ITH was expected to turn over $136 million and have $1 billion in assets by the second quarter, Shueb said. IHC, whose market value is bigger than companies such as Shell, Disney and Nike, has been instrumental in boosting ADX’s size. IHC, its subsidiary Alpha Dhabi, ADX’s second biggest firm, and other IHC-linked companies have played a leading role in a string of Abu Dhabi IPOs as cornerstone investors.