Targets tech unit IPO in 3rd quarter, with $1 bln assetsPlans purchases this year and next, seeking sizeable loanplans to sell 20% of its technology unit in an initial public offering next year, its CEO told Reuters, adding that the UAE's IHC is aiming for a first quarter IPO of Pure Health to raise more than $1 billion.
Asked about plans for International Technology Holding , Chief Executive Syed Basar Shueb said IHC will likely list 20% 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. The firm, whose market value is bigger than companies such as Shell, Disney and Nike, has been instrumental in boosting ADX's size amid intensifying competition with Saudi Arabia.
"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.