Multiply Group, a subsidiary of Abu Dhabi’s International Holding Company (IHC), raised Dh48 billion ($13.1 billion) in a direct share listing.
Shares in the tech-focused holding company surged following the listing, closing at Dh2 apiece on Sunday, 80 per cent higher than the launch price of Dh1.11.
“We have major local investors,” IHC’s CEO Syed Basar Shueb said in a telephone interview. “It was good for our shareholders, it’s good for the local investors” and the company now has more cash to acquire businesses, he said.
The offering marks the latest stage in a drive by IHC, among the most valuable firms in the Middle East, to expand its clout on local exchanges. The firm is now working on listing its healthcare group, including Pure Health, a company that has partnered with the UAE government to launch a Covid-19 screening initiative covering the nation’s airports.
“These are there for next year,” Shueb said.
IHC is also scouring for investment opportunities in Central America, some African countries and in Europe, Shueb said.