International Holding Company PJSC (ADX:IHC) plans to list subsidiary Multiply Marketing Consultancy LLC, a holding company that invests in tech-focused businesses, on Abu Dhabi's main stock market in 2021, IHC's Chief Executive said. The planned transaction, which could value Multiply at AED 8 to AED 10 billion ($2.2-$2.7 billion), would be the latest in a string of listings and deals for IHC, a firm with a market capitalisation of $72.5 billion. “We're planning the listing before the end of the year, it's going to be an IPO, a main market listing”, IHC's Chief Executive Officer Syed Basar Shueb told Reuters.

IHC plans to offer 30% of Multiply's shares and is working with local banks on the transaction, he added. The planned deal would follow a surge of new listings on Abu Dhabi's ADX bourse 2021, including companies owned by oil giant Abu Dhabi National Oil Co (ADNOC) and state investor Mubadala. “Definitely one of the reasons (for the listing) is market conditions .

but our long term strategy is to list every single entity which we invest into in the market eventually”, said Shueb.