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(Bloomberg) — Ethmar International Holding, which is led by a son of the United Arab Emirates’s ruler, is set to go public in Abu Dhabi after it raises as much as 700 million dirhams ($191 million).

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EIH, an investment vehicle with dozens of subsidiaries, plans to offer investors a 13% to 15% stake through a capital raise of 600 million dirhams to 700 million dirhams, according to an investor presentation seen by Bloomberg News. It will then list on the Abu Dhabi stock exchange on May 1.

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The firm, which holds more than 25 subsidiaries spanning real estate, energy, technology, health care, sports and investments, is chaired by Sheikh Hamdan bin Mohammed bin Zayed Al Nahyan, whose father is Sheikh Mohammed bin Zayed, known as MBZ. 

The company, which would be valued at more than 4 billion dirhams, is planning a range of acquisitions, according to the presentation. These include one of the top three financial services companies in the UAE, one of the largest tourism firms in Abu Dhabi, an engineering and construction company and one of the largest pharmacy chains in the capital.

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A representative for EIH declined to comment. 

Read more: World’s Richest Family Rides 28,000% Stock Surge to $300 Billion

Abu Dhabi is leading the Persian Gulf’s initial public offerings boom in 2023, largely due to a $2.5 billion listing by Adnoc Gas — the world’s biggest IPO so far this year. The region has continued to be a bright spot in what is otherwise a very subdued global IPO market, as concerns about inflation and weaker economic growth weigh on investors’ risk appetite.

A senior Abu Dhabi official said in March that at least eight companies are expected to list in the UAE capital this year. Last month, data analytics firm Presight AI Holding Plc also listed in the city, raising $496 million. 

EIH has several partnerships with International Holding Co., another Abu Dhabi investment vehicle led by MBZ’s brother Sheikh Tahnoon bin Zayed Al Nahyan, who controls a sprawling business empire. 

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IHC shares have risen 28,000% over the past five years, propelling the firm into the leagues of the world’s largest companies, though its size hasn’t enticed international investors. IHC hasn’t been included in the global MSCI index and isn’t covered by any stock analysts tracked by Bloomberg.

EIH’s assets ballooned to 78.1 million dirhams last year from 15.8 million dirhams in 2021, according to the investor presentation. Its holdings include SKYGO, a drone company in partnership with IHC, boutique real estate company 9Yards, a number of gas and electricity firms with IHC, and a security firm.