DUBAI, Nov 29 (Reuters) - 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.
"Multiply Group had been exploring an IPO and a direct
listing and a decision was taken to go for a direct listing," an
IHC spokesperson said in an emailed statement to Reuters.
"(This) gives our shareholders immediate access to actively
trade their shares without restrictions, superior liquidity and
an attractive valuation for growth companies such as ours," the
Multiply had assets of 8.2 billion dirhams ($2.23 billion)
at the end of September, IHC said in a 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
($1 = 3.6727 UAE dirham)
(Reporting by Davide Barbuscia; editing by Jason Neely)