Multiply Group, a subsidiary of Abu Dhabi-based International Holding Company (IHC), will list directly on the Abu Dhabi Securities Exchange (ADX) on December 5, 2021, offering investors the opportunity to invest in the field of disruptive digital technology and other key sectors.
The Group, which had $2.22 billion in assets and 3,240 workers at the end of September, has grown rapidly in the last year through a series of acquisitions in the UAE and abroad to build a diversified portfolio of high-return businesses.
Multiply Group intends to pursue further growth, organically and through scalable acquisitions, focusing on digital innovation in diverse sectors, including automotive, utilities, capital, wellness, and communications.
“Listing on the ADX elevates the profile of Multiply Group, not only among regional and international investors but also in the global technology ecosystem. After a strong deal-making phase, we are ready to take the next big leap as we continue to grow our portfolio organically and inorganically. With the strong growth momentum we are currently witnessing, we are set to continue investing in tech-driven companies that complement our expanding ecosystem and be at the forefront of the next phase of digital transformation.”
Mr. Syed Basar Shueb, CEO and Managing Director and Board Member of IHC, noted that the Multiply Group will become the eighth IHC subsidiary to list on the ADX in less than a year, as part of its long-term strategy to widen shareholder base and pursue new growth opportunities. Multiply is one of IHC’s most innovative, tech-driven portfolio companies and is well placed to capitalize on the rapid growth of the digital economy, both in the region and globally.
In recent months, Multiply Group has made a number of strategic investments including stakes in Emirates Driving Company, US-based digital media platform Firefly, and the full acquisition of integrated communications company, Viola. The Group’s combined portfolio strikes a balance between companies that generate recurring income and high-growth businesses.