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Investcorp Capital to list on Abu Dhabi Securities Exchange

An investor studies a screen at the Abu Dhabi Securities Exchange Reuters
An investor studies a screen at the Abu Dhabi Securities Exchange, where Investcorp Capital is launching an IPO in November
  • IPO of 29% of share capital planned
  • Sale starts November 2
  • Investcorp manages $50bn assets

Investcorp Capital has revealed plans to offer 643 million ordinary shares in an initial public offering on the Abu Dhabi Securities Exchange.

The shares, which represent an estimated 29.34 percent of issued share capital after the IPO, will have a nominal value of $0.50 (AED1.84), according to a statement from the Bahrain-based alternative investment company.

As part of the process, Investcorp Capital and its parent company, Investcorp SA, have entered into a cornerstone investor agreement with the IVC Strategic Investment Company, which has committed approximately $250 million to the IPO.

Sales of the first tranche of shares are scheduled to start on November 2, with the sale running to November 8. The second tranche will also go on sale from November 2, with the sale ending on November 9, ahead of the expected listing on November 17.

Emirates NBD Capital PSC, First Abu Dhabi Bank PJSC, and HSBC Bank Middle East have been appointed as joint global coordinators and joint bookrunners for the listing.

Over the past 40 years, Investcorp has grown to approximately $50 billion in assets under management.

In the past five years its assets under management have multiplied five-fold, thanks to deals in corporate investments, global credit, real estate, strategic capital, insurance asset management, infrastructure and absolute return investments (funds that aims to turn a profit for investors regardless of the direction of the market).

In September, Investcorp listed the Indonesian franchisee of the Mothercare brand, PT Multitrend Indo, on the Indonesian stock exchange, part of an increasing focus on Asia.

There were 23 IPOs across the Mena region in the first half of this year, down 4 percent year-on-year. They raised a total of $5.2 billion, a 60 percent fall compared with the first half of 2022, according to a report from the global consultancy EY.