2023-04-25 06:59:00
The company’s valuation is more than 4 billion dirhams
Ithmaar International Holding (EIH) is set to go public in Abu Dhabi following raising up to 700 million dirhams ($191 million) through a capital increase.
Ithmaar, an investment holding company with dozens of subsidiaries, plans to offer a stake ranging between 13% and 15% through a capital increase from 600 million dirhams to 700 million dirhams, according to documents seen by Bloomberg. The Abu Dhabi Stock Exchange on May 1, according to what was seen by Al Arabiya.net.
The company, which owns more than 25 subsidiaries in the fields of real estate, energy, technology, healthcare, sports and investments, is headed by Sheikh Hamdan bin Mohammed bin Zayed Al Nahyan.
According to the offer, the company, which will be valued at more than 4 billion dirhams, is planning a series of acquisitions. These include one of the top 3 financial services companies in the UAE, one of the largest tourism companies in Abu Dhabi, an engineering and construction company, and one of the largest chains of pharmacies in the capital.
Abu Dhabi is leading an IPO boom in the Persian Gulf in 2023, largely due to the $2.5 billion listing of ADNOC Gas – the world’s largest IPO so far this year.
This comes as the Gulf region continues to be a bright spot in the very weak global IPO market, as concerns regarding inflation and weak economic growth affect investors’ appetite for risk.
A senior official in Abu Dhabi said in March that at least eight companies were expected to list in the UAE capital this year. Last month, data analytics firm Presight AI Holding Plc also listed in the city, raising $496 million.
Ithmaar’s subsidiaries include; “SKYGO”, a drone company in partnership with “IHC”, “9Yards” real estate company, a number of gas and electricity companies with “IHC”, and another security company.
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