Abu Dhabi's IHC subsidiary Multiply Group will list directly on ADX

It will become the eighth IHC subsidiary to list on the ADX

  
Investors look up at electronic boards displaying stock information at the Abu Dhabi Securities Exchange

Investors look up at electronic boards displaying stock information at the Abu Dhabi Securities Exchange

REUTERS/Stringer .

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) 

brinda.darasha@refinitiv.com

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© ZAWYA 2021


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