DUBAI: International Holding's shares rose more than 14% on Sunday after its subsidiary Alpha Dhabi Holding made its stock market debut on the Abu Dhabi bourse.

Alpha Dhabi, in which IHC holds a 45% stake, opened at 20 dirhams a share, but eased to 17.70 dirhams trade, giving it a market value of 177 billion dirhams ($48.19 billion).

Alpha Dhabi in turn holds a 12.1% stake in Aldar Properties, which it bought in March.

IHC, whose shares are up by more than 162% year-to-date, was trading at 110.8 dirhams, up 14.45% at 0709 GMT.

Sheikh Tahnoon Bin Zayed al-Nahyan, the United Arab Emirates national security adviser and brother of UAE's de-facto ruler Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan, is chairman of IHC, which has been through a rapid expansion.

This has been reflected in its results and last month IHC posted a net profit of 1.5 billion dirhams ($408 million) for the first-quarter, up from 112.2 million dirhams a year earlier.

($1 = 3.6728 UAE dirham)

(Reporting by Saeed Azhar in Dubai and Ateeq Shariff in Bengaluru; Editing by Alexander Smith) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))