Shares in Multiply Group, the tech-focused subsidiary of Abu Dhabi’s International Holding Company, ended the first day of trading on the Abu Dhabi Securities Exchange 80.2 per cent higher than their pre-listing prospectus valuation.
The company, which has a market value of Dh21.39 billion ($5.8bn), was trading at Dh2.35 during early trade on Sunday before closing at Dh2.00. It began trading under the ticker “Multiply” on the ADX.
Multiply Group is the eighth IHC unit to list on the emirate’s main market in less than a year.
The market debut was marked by a bell-ringing ceremony at the ADX, which was attended by IHC chief executive and managing director Syed Shueb, ADX chief executive Saeed Al Dhaheri, Multiply Group chairman Andre Sayegh and Multiple Group chief executive Samia Bouazza.
The listing of Multiply Group, which invests in technology focused scalable businesses, offers investors the opportunity to tap into a diversified portfolio, IHC said.
Listing on the Abu Dhabi Securities Exchange is an opportunity to broaden our shareholder base and provide ADX investors with access to a differentiated investment portfolio
Samia Bouazza,
chief executive of Multiply Group
“Listing on the Abu Dhabi Securities Exchange is an opportunity to broaden our shareholder base and provide ADX investors with access to a differentiated investment portfolio,” Ms Bouazza said.
The move came as the region’s second-biggest bourse developed new offerings for regional and international investors as it sought to attract more listings.
The ADX has rallied about 58 per cent this year on the back of initial public offerings, rising foreign investment and higher oil prices that have boosted investor confidence, leading to market value increasing to about Dh1.5 trillion.
In October, Fertiglobe, the world’s largest seaborne exporter of urea and ammonia combined, raised about $795 million from its listing on the ADX. That offering came after the listing of Adnoc Drilling, which reaped $1.1bn in the same month.
In July, Al Yah Satellite Communications, better known as Yahsat and a unit of Mubadala Investment Company, raised about $730m through its listing.
The strong pipeline of listings this year has supported an expansion in ADX’s market capitalisation, said Mr Al Dhaheri.
“Increased capital market activity, together with the strong growth potential of companies in our region, have attracted strong investment flows to ADX, making the ADX General Index one of the best-performing indexes in the world in 2021,” he said.
With an asset base of Dh8.16bn at end of September, Multiply Group has made a series of acquisitions in the UAE and globally in the past year to diversify its portfolio.
Its investments include stakes in Emirates Driving Company, US-based digital media platform Firefly and the full acquisition of integrated communications company Viola.
The listing is part of IHC’s long-term strategy to widen its shareholder base and pursue new growth opportunities.
Multiply Group is pursuing a growth strategy focused on digital innovation in a number of sectors, including automotive, utilities, capital, wellness and communications.
“In a fast-paced world, where digital transformation is essential to accelerate business growth, we target tech-led acquisitions and empower our subsidiaries to adopt innovative solutions,” Ms Bouazza said.
IHC is also planning to list its majority-owned health care company, Pure Health, by March 2022, Mr Shueb said in October.
The company became Abu Dhabi's most valuable listed business after the listing of its Alpha Dhabi unit in June. It currently has a market capitalisation of more than Dh267bn.
IHC's net profit more than tripled in the first nine months of 2021 from a year ago, boosted by a twofold increase in gains during the third quarter, driven by a series of acquisitions and a strong performance across its subsidiaries.
Profit in the nine months to the end of September surged 308 per cent to Dh7.2bn and third-quarter profit doubled to Dh2.87bn.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
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- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
The specs
Engine: 5.2-litre twin-turbo V12
Transmission: eight-speed automatic
Power: 715bhp
Torque: 900Nm
Price: Dh1,289,376
On sale: now
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
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- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Manchester United v Liverpool
Premier League, kick off 7.30pm (UAE)
Grand Slam Los Angeles results
Men:
56kg – Jorge Nakamura
62kg – Joao Gabriel de Sousa
69kg – Gianni Grippo
77kg – Caio Soares
85kg – Manuel Ribamar
94kg – Gustavo Batista
110kg – Erberth Santos
Women:
49kg – Mayssa Bastos
55kg – Nathalie Ribeiro
62kg – Gabrielle McComb
70kg – Thamara Silva
90kg – Gabrieli Pessanha
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Teaching in coronavirus times
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
