Shares in Multiply Group end first day of trading 80% higher than pre-listing valuation

The company was listed on the main board of the Abu Dhabi Securities Exchange (ADX) through a direct private placement

  
Investor holds tasbeeh as he monitors electronic boards displaying stock information at ADX Abu Dhabi Securities Exchange stock market. Image of ADX used for illustrative purpose.

Investor holds tasbeeh as he monitors electronic boards displaying stock information at ADX Abu Dhabi Securities Exchange stock market. Image of ADX used for illustrative purpose.

REUTERS/Stringer .

ABU DHABI:  Shares in Multiply Group, a subsidiary of International Holding Company (IHC), reached AED2.00 per share at the end of their first day of trading on 5 December 2021, 80.2% higher than their pre-listing prospectus valuation.

The company was listed on the main board of the Abu Dhabi Securities Exchange (ADX) through a direct private placement. Multiply’s prospectus*, published on 29 November 2021, had valued the company at AED 1.11 per share based by various independent firms.

On their ADX debut, Multiply shares attracted strong liquidity, with more than 115 million shares exchanged within two hours of the opening bell. In early trade, Multiply stock reached a high of AED 2.35 per share.

The listing of Multiply Group offers investors exposure to the themes of digitiSation from wellness to marketing technology. The company, which had assets of AED8.16 billion and over 3,240 employees as at end of September, is pursuing a growth strategy focused on acquisitions of digitally innovative companies in a number of sectors, including automotive, wellness, media and communications, and utilities.

Multiply Group has made a series of acquisitions in the UAE and abroad in the last year to build a diversified portfolio of high-return businesses. These strategic investments include stakes in Emirates Driving Company, US-based digital media platform Firefly, and integrated marketing company Viola.

Andre Sayegh, Chairman of Multiply Group, said in his opening remarks: "Multiply Group’s strategy is built on two basic principles. The first is to grow and diversify the Group’s business assets and enhance what makes these businesses unique. The second principle involves identifying the right opportunities to acquire scalable companies with a strong balance sheet." During her opening speech Samia Bouazza said: "Today we begin a journey of both fast and sustainable growth, purpose and profitability and boldness and responsibility." She continued: "On behalf of Multiply Group, I assure you we take this responsibility very seriously." The market debut was marked by a bell ringing ceremony at ADX attended by Syed Basar Shueb, CEO & Managing Director and Board Member of IHC, Saeed Hamad Al Dhaheri, CEO of ADX, and Samia Bouazza, CEO of Multiply Group.

© Copyright Emirates News Agency (WAM) 2021.


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