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IHC may sell 20% of its technology unit in IPO

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Asked about plans for International Technology Holding (ITH), CEO Syed Basar Shueb said IHC will likely list 20 per cent of it in the third quarter and is in talks with local firms about possible acquisitions by the group born out of IHC’s IT sector holdings.

ITH was expected to turn over $136 million and have $1 billion in assets by the second quarter, Shueb said.

IHC, whose market value is bigger than companies such as Shell, Disney and Nike, has been instrumental in boosting ADX’s size. IHC, its subsidiary Alpha Dhabi, ADX’s second biggest firm, and other IHC-linked companies have played a leading role in a string of Abu Dhabi IPOs as cornerstone investors.

Pure Health, under Alpha Dhabi, aims to raise more than $1 billion in a first-quarter IPO delayed from this year.

“It will be more than $1billion, but the size depends on how much we put in the market. I don’t think we can go above 10 per cent, otherwise we will pull all the liquidity from market and this will affect the other players,” Shueb said.

Pure Health has played a major role in the UAE screening for COVID-19.

IHC, which completed four IPOs this year and plans a similar number in 2023, has yet to appoint banks for the Pure Health IPO, Shueb said, adding it is considering a possible 2023 IPO of International Energy Holding.

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