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IHC eyes IPO for majority-owned Pure Health in 2022

IHC eyes IPO for majority-owned Pure Health in 2022
The company is studying a number of acquisitions worth a few billion dollars
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Abu Dhabi – Mubasher: International Holdings Company (IHC) is mulling an initial public offering (IPO) for its majority-owned healthcare company, Pure Health, in 2022, the CEO and Managing Director of IHC, Syed Basar Shueb, told Reuters.

Shueb said that IHC also plans to list six companies this year to attract domestic investors to the Abu Dhabi market.

The CEO and Managing added that the company is studying a number of acquisitions worth a few billion dollars across various sectors, including three or four acquisitions in the food sector.

As for the real estate sector, the company is about to purchase an Abu Dhabi-based real estate developer, which would raise its indirect minority stake in Aldar Properties, Shueb added.

"All the sectors across the nine verticals we are operating in, we are looking for an acquisition. There are a few billion dollars of acquisitions we are looking at," the CEO said during an interview with Reuters.

Shueb said the new transactions will be funded by bank loans for the first time, and the company seeks to issue debut bonds next year to secure a credit rating.

It is noteworthy to mention that during the first half (H1) of 2021, the net profits attributable to the owners of IHC increased to AED 2.619 billion during the first six months of 2021 from AED 782.453 million in the year-ago period.