Now Reading
UAE’s Ithmar Capital Picks Credit Suisse, Deutsche Bank For $436m Dubai IPO

UAE’s Ithmar Capital Picks Credit Suisse, Deutsche Bank For $436m Dubai IPO

The proceeds will be used to invest in healthcare and education assets, according to sources.

United Arab Emirates-based private equity firm Ithmar Capital has picked Credit Suisse and Deutsche Bank to manage an initial share sale for a vehicle it hopes to list on the Dubai bourse by the end of the year, sources close to the matter told Reuters.

Ithmar is aiming to list a special purpose acquisition company (SPAC), a vehicle which lists and then uses the cash raised from the flotation to make private equity-style investments, several sources said.

The listing will aim to raise around Dhs1.6 billion ($436 million), with the proceeds to be used to invest in healthcare and education assets, including buying stakes in firms which Ithmar currently owns – most notably some of its 20 per cent holding in Al Noor Hospitals.

An offering is expected to complete before the end of the year, with one source indicating subscription could begin as early as next month.

Repeated calls to Ithmar went unanswered. The sources spoke on condition of anonymity as the information isn’t public.

© 2020 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top