[ad_1]
DUBAI: Abu Dhabi’s Ethmar International Holding is set to list in Abu Dhabi after raising up to 700 million dirhams ($191 million).
EIH, an investment vehicle with dozens of subsidiaries, plans to offer investors a 13% to 15% stake by raising 600 million to 700 million dirhams, according to an investor presentation seen by Bloomberg. It will then list on the Abu Dhabi Stock Exchange on May 1.
The company has more than 25 subsidiaries covering real estate, energy, technology, healthcare, sports and investments and is chaired by Sheikh Hamdan bin Mohammed bin Zayed Al Nahyan.
According to reports, the company, valued at more than Dh4 billion, is planning a series of acquisitions. These include one of the top three financial services companies in the UAE, one of Abu Dhabi’s largest tourism companies, engineering and construction companies and one of the capital’s largest pharmacy chains.
A representative for EIH declined to comment.
Abu Dhabi leads Gulf IPO boom in 2023 thanks to $2.5bn listing ADNOC Gas – the world’s largest IPO so far this yearThe region continued to be a bright spot in an otherwise very subdued global IPO market as concerns about inflation and weak economic growth weighed on investors’ risk appetite.
At least eight companies are expected to list in the UAE capital this year, a senior Abu Dhabi official said in March.Last month, data analytics companies Presight AI Holdings It also went public in the city, raising $496 million.
EIH has several partnerships with International Holding. IHC’s shares have risen 28,000% over the past five years, propelling the company into the ranks of the world’s largest companies, despite its size not attracting international investors. IHC is not yet included in the global MSCI indices, nor is it covered by any equity analysts tracked by Bloomberg.
According to an investor presentation, EIH’s assets surged from Dh15.8 million in 2021 to Dh78.1 million last year. Its holdings include drone company SKYGO, which is partnered with IHC, boutique real estate firm 9Yards, various gas and electric companies that are partnered with IHC, and a security company.
[ad_2]
Source link