Multiply to list on Abu Dhabi’s main market on December 5

The group intends to pursue further growth, organically and through scalable acquisitions, focusing on digital innovation in diverse sectors



Multiply Group will become the eighth IHC subsidiary to list on the ADX in less than a year. — Reuters file photo
Multiply Group will become the eighth IHC subsidiary to list on the ADX in less than a year. — Reuters file photo
by

Muzaffar Rizvi

Published: Mon 29 Nov 2021, 6:36 PM

Last updated: Mon 29 Nov 2021, 10:12 PM

Multiply Group, a subsidiary of International Holding Company (IHC), will list directly on the Abu Dhabi Securities Exchange (ADX) on December 5 offering investors an opportunity to invest in the field of disruptive digital technology and other key industries.

In a statement on Monday, the Abu Dhabi conglomerate said Multiply Group expanded rapidly last year through a series of acquisitions in the UAE and abroad to build a diversified portfolio of high-return businesses.

The group had assets of Dh8.16 billion and 3,240 employees as at end of September, IHC said in a bourse filing on Monday. 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.

Syed Basar Shueb, CEO and managing director and board member of IHC, said Multiply Group will become the eighth IHC subsidiary to list on the ADX in less than a year.

“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.

IHC, which has a market capitalisation of $75 billion, said in October that the planned transaction could value Multiply at Dh8 to Dh10 billion.

“Listing on the ADX elevates the profile of Multiply Group, not only among regional and international investors, but also in the global technology ecosystem. After a strong deal-making phase, we are ready to take the next big leap as we continue to grow our portfolio organically and inorganically,” Samia Bouazza, CEO and board Member of Multiply Group said.

In recent months, Multiply Group has made a number of strategic investments including stakes in Emirates Driving Company, US-based digital media platform Firefly, and the full acquisition of integrated communications company Viola.

“With the strong growth momentum we are currently witnessing, 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,” Bouazza said.

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

— muzaffarrizvi@khaleejtimes.com


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