- Home
- Middle East
- UAE
- Shares in Multiply Group end first day of trading 80% higher than pre-listing valuation
Shares In Multiply Group End First Day Of Trading 80% Higher Than Pre-listing Valuation
Umer Jamshaid Published December 05, 2021 | 08:30 PM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 05th Dec, 2021) Shares in Multiply Group, a subsidiary of International Holding Company (IHC), reached AED2.00 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 digitiSation from wellness to marketing technology. The company, which had assets of AED8.16 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.
Related Topics
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago