IHC subsidiary Multiply to list directly on Abu Dhabi's main market

Multiply Group, a subsidiary of Abu Dhabi conglomerate International Holding Company (IHC), will list directly on the Abu Dhabi Securities Exchange on Dec. 5, IHC said on Monday.

Direct listings allow companies to list on the stock market without a traditional and more costly initial public offering.

In October, CEO Syed Basar Shueb told Reuters that IHC was planning to offer shares in Multiply, a holding company that invests in tech-focussed businesses, through an IPO.


An IHC spokesperson on Monday did not immediately respond to a request for comment on why those plans were changed.

Multiply had assets of 8.2 billion dirhams ($2.23 billion) at the end of September, IHC said in its bourse filing on Monday.

"The Group intends to pursue further growth, organically and through scalable acquisitions, focusing on digital innovation in diverse sectors, including automotive, utilities, capital, wellness, and communications," it said.

In October IHC said the planned transaction could value Multiply at 8 to 10 billion dirhams.

Abu Dhabi's ADX bourse has seen a surge of new listings this year, including companies owned by oil giant Abu Dhabi National Oil Co (ADNOC) and state investor Mubadala.

With assets in the fast-growing healthcare and industrial sectors, IHC became Abu Dhabi's most valuable listed company in June after the listing of subsidiary Alpha Dhabi .

IHC, which has a market capitalisation of $75 billion, is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the United Arab Emirates' national security adviser and a brother of the country's de facto ruler Abu Dhabi Crown Prince Mohammed bin Zayed.