IHC subsidiary Multiply will be listed directly in Abu Dhabi’s major markets

Direct listing allows companies to go public on the stock market without the traditional and more costly initial public offerings.

In October, CEO Syed Basar Shueb told Reuters that IHC plans to issue shares in Multiply through an IPO, a holding company that invests in technology-focused businesses.

On Monday, an IHC spokesperson did not immediately respond to a request for comment on why these plans were changed.

IHC stated in a document submitted to the exchange on Monday that as of the end of September, Multiply’s assets were 8.2 billion dirhams (2.23 billion US dollars).

“The group intends to achieve further growth through scalable acquisitions, focusing on digital innovation in different areas, including automotive, utilities, capital, health and communications,” it said.

In October, the IHC stated that the planned transaction could make Multiply worth 8 to 10 billion dirhams.

Abu Dhabi ADX scholarship The number of newly listed companies has surged this year, including the oil giant Abu Dhabi National Oil Co (Abu Dhabi National Oil Co) (ADNOC) And national investor Mubadala.

With assets in the fast-growing healthcare and industrial sectors, IHC became the most valuable listed company in Abu Dhabi in June after its subsidiary Alpha Dhabi went public.

The IHC has a market value of 75 billion U.S. dollars and is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE National Security Adviser, who is the de facto ruler of the country The brother of Abu Dhabi Crown Prince Mohammed bin Zayed.