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

• Extremely strong investor demand, with 115 million shares traded within first two hours of market debut
• Company, with assets of AED 8.16 billion, was listed on the ADX’s main board through direct private placement process

Abu Dhabi, UAE: Shares in Multiply Group, a subsidiary of International Holding Company (IHC), reached AED 2.00 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 digitization from wellness to marketing technology. The company, which had assets of AED 8.16 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.

*Prospectus is available at www.multiply.ae 

-Ends- 

International Holding Company (IHC)

IHC was founded in 1998, as part of an initiative to diversify and grow non-oil business sectors in the UAE. Adhering to ‘Abu Dhabi’s Vision 2030’, the ADX listed company endeavours to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates. IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations.  Comprising more than 30 entities, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Real Estate, Agriculture, Healthcare, Food and Beverage, Utilities, Industries, IT and Communications, Retail and Leisure, and Capital.

With a core strategy to enhance shareholder value and achieve growth, IHC drives operational synergies and maximizes cost efficiencies across all verticals – it also continues to evaluate investment opportunities through direct ownership and entering partnerships in the UAE and abroad. As the world changes, and new opportunities arise, IHC remains focused on resilience, innovation and redefining the marketplace for itself, its clients, and its partners.

Multiply Group

Multiply Group (formerly known as Multiply Marketing Consultancy) is an Abu Dhabi-based holding company investing and growing, organically and inorganically, a diversified portfolio of high-return businesses, both in the UAE and abroad.

With a forward-thinking outlook, the Group continues to expand by organically growing existing businesses, acquiring innovative solutions, creating platforms that empower companies to be more scalable and efficient, and infusing their growth mindset culture into their subsidiaries. In terms of inorganic growth, Multiply Group pursues disruptive, tech-driven and scalable acquisitions, with rapid growth potential, particularly focusing on the digital economy.

Multiply Group’s investments span many industries including businesses such as Emirates Driving Company, Omorfia Group, Viola Communications, Firefly and Yieldmo.

Major shareholders of Multiply Group include International Holding Company (IHC), one of the fastest growing and most valuable companies in the UAE. 

Media Contacts
IHC
Ahmad Ibrahim
Corporate Communication & Media Manager
Ahmad.ibrahim@ihcuae.com 

© Press Release 2021