Dubai-based Invictus Investment, a subsidiary of Invictus Holding and an affiliate of Sudan-based manufacturing conglomerate DAL Group, will list on the Abu Dhabi Securities Exchange Growth Market on June 29 with Dh3 billion ($817 million) valuation.
The move will offer investors the opportunity to invest in a fast-growing and scalable agro-food and finished goods trading business, the company said on Tuesday.
Established in 2014 through its subsidiary Invictus Trading, Invictus started with trading wheat in the Middle East and North Africa region. The company has since diversified into complementary grains, cotton, groundnuts, meat, and various other commodities and finished goods.
“We are excited to announce our listing on ADX, the second-largest market in the Middle East, which marks a significant landmark for Invictus and reflects our tremendous progress to date,” Amir D Abdellatif, managing director of Invictus, said.
“We have built a highly scalable business model and continue to expand our business network by opening new markets and new products rapidly, while remaining aligned with the world’s changing realities that are offering new opportunities for growth.”
Earlier this year, the ADX rebranded its secondary market, which connects investors with smaller privately-owned businesses, as the Growth Market to encourage more listings on the emirate’s bourse.
The Growth Market offers companies access to a wide investor base as they begin their capital markets journey. Companies can directly list shares on the exchange without the need for an initial public offering.
Dubai-based Invictus Trading recorded total sales of more than Dh2.9bn last year and more than Dh1.7bn in the first quarter of this year. Earlier this month, Abu Dhabi’s International Holding Company bought a 25 per cent stake in the company through one of its subsidiaries.
“As we execute our growth strategy, we are pursuing new ways to attract potential investors who share a vision for discovering new business opportunities and developing new markets,” Osama Abdellatif, chairman of DAL Group, said.
“Listing on the ADX confirms our progress and marks another milestone on our journey as we take significant strides in preparing Invictus for continued growth.”
DAL Group is the largest private group in Sudan with an international business presence across Africa, the Middle East and Asia.