Multiply Group, a subsidiary of International Holding Company (IHC), will list directly on the Abu Dhabi Securities Exchange (ADX) on December 5, 2021.

The listing will allow “investors the opportunity to invest in the field of disruptive digital technology and other key industries,” the holding company said in a bourse filing on Monday.

Multiply Group, an Abu Dhabi-based tech-focused holding company with assets of over 8 billion dirhams ($2.2 billion), has investments in automotive, utilities, capital, wellness and communications industries.

It will become the eighth IHC subsidiary to list on the ADX in less than a year.

In a direct listing, a company sells pre-existing shares to the public eliminating investment banks and underwriters, and thereby keeping costs lower.

(Reporting by Brinda Darasha; editing by Daniel Luiz)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021