UAE’s IHC plans billion-dollar IPOs in 2023

Abu Dhabi’s IHC is looking to raise cash with IPOs of its technology and health units next year its CEO says.

On the back of an outstanding year, which has seen profits surge 236% in the first nine months of the year, IHC will look to sell off assets and diversify investments next year.

IHC is the UAE’s largest publicly traded company and is valued at more than $200bn.

As it consolidates and makes new acquisitions IHC is planning to sell 20 per cent of its International Technology Holding unit, Chief Executive Syed Basar Shueb told reporters.

UAE firm plans IPO of subsidiaries
Any sale is likely to come in Q3 next year,

ITH was on track to have a turnover of AED500m ($136 million) and have $1bn in assets by the second quarter, Shueb said.

IHC will also sell of part of its Pure Health in an IPO in the first quarter of 2023. The size of the share offer is yet to be confirmed.

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

The IPO for Pure Health, a key company in the fight against Covid-19 in the UAE, has been delayed by its merger with state-owned Abu Dhabi Health Services.

IHC completed four IPOs this year and plans a similar number in 2023.