Investcorp Capital IPO: Firm announces intention to list and trade shares on ADX

Global asset management and capital financing services company, Investcorp Capital has announced its intention to proceed with an IPO of 643,000,000 ordinary shares with a nominal value of $0.50 (equivalent to Dhs1.84) each representing approximately 29.34 per cent of its issued share capital post issuance of the new shares and to admit its shares for listing and trading on the Abu Dhabi Securities Exchange (ADX).

The company plans to offer 321,500,000 new shares while 321,500,000 shares will be sold by selling shareholder, Investcorp.

The subscription will be open from November 2 to November 9.

Admission to listing on the ADX is anticipated to happen on November 17.

The company and the selling shareholder retain the right to amend the size of the offering and the size of each tranche at any time before the pricing of the offering, subject to the applicable laws of the UAE and the approval of the Securities and Commodities Authority (SCA), state news agency WAM reported.

The company is registered as a public company limited by shares incorporated in the Abu Dhabi Global Market (ADGM) and is subject to the ADGM Companies Regulations 2020 (as amended).

First tranche, second tranche details for Investcorp IPO

The first tranche offer period is expected to start on November 2 and close on November 8, and the second tranche offer period is expected to begin on November 2 and close on November 9.

In a statement to announce the IPO, Mohammed Alardhi, executive chairman of Investcorp Group, said, “We are very pleased to announce the intention to float Investcorp Capital in Abu Dhabi, one of the largest stock exchanges in the Arab world. Investcorp Capital is an innovative investment vehicle founded by Investcorp, which will enable investors to access a wide range of asset classes in the alternative investment space.

“With the support of our four decades of alternative asset management expertise that have allowed Investcorp to grow to approximately $50bn AUM (including assets managed by third parties) and our global presence, Investcorp Capital is well-positioned to provide a unique investment opportunity and attractive risk-adjusted returns.”

It is intended that the IPO will consist of an offering of 5 per cent of the offer shares, allocated on a pro-rata basis and open to professional investors, and an offering of 95 per cent of the offer shares, allocated on a discretionary basis and open to professional investors.

The indicative price range per offer share will be determined in due course and published on the opening date of the subscription period and will be contained in the international offering memorandum.

The final offer price per will be determined through, and following, a bookbuilding process carried out as part of the second tranche offering.