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Investcorp Capital to Launch IPO and List on Abu Dhabi Securities Exchange

Investcorp Capital has announced plans to sell 643 million shares in an IPO, representing about 29.34 percent of its listed share capital.

Investcorp Capital, an asset management and capital financing services company, has announced plans to sell 643 million shares, representing approximately 29.34 percent of its published share capital, through an initial public offering (IPO). The company intends to list on the Abu Dhabi Securities Exchange.

IPO Details:

  • Share Pricing: Each share is priced at Dh1.4 ($0.50).
  • Fundraising: The company aims to raise Dh1.18 billion through the share sale, including 321,500,000 new shares.

Current Incorporation and Tranche Details:

  • Current Incorporation: Investcorp Capital is incorporated in the Abu Dhabi Global Market (ADGM).
  • Tranche Allocation: The first tranche comprises 5 percent of the offer shares, allocated pro-rata and open to professional investors. The remaining 95 percent is allocated on a discretionary basis and also open to professional investors.

Key Dates:

  • First Tranche Offer Period: Expected to start on November 2, 2023, and close on November 8, 2023.
  • Second Tranche Offer Period: Runs from November 2 to 9, 2023.
  • Listing Date: The company is expected to be listed on the Abu Dhabi Securities Exchange on November 17, 2023.

Minimum Application Size:

  • First Tranche: A minimum application size of Dh250,000.
  • Second Tranche: A minimum application size of Dh5 million.

Flexibility in Offering Size:

Investcorp and the selling shareholder retain the right to amend the size of the offering and each tranche before pricing, subject to the approval of the UAE’s Securities and Commodities Authority.

Use of Proceeds:

Investcorp Capital plans to use the net proceeds of the IPO for the following purposes:

  • Further develop the capital financing services business line.
  • Increase investments in capital deployment (approximately $100 million).
  • Fund strategic growth opportunities.
  • General corporate purposes.

Statements from Leadership:

  • Mohammed Alardhi, Executive Chairman of Investcorp Group: Highlighted Investcorp’s four decades of alternative asset management expertise and its global presence, positioning the company for unique investment opportunities and attractive risk-adjusted returns.
  • Timothy Mattar, CEO of Investcorp Capital: Acknowledged the firm’s history of innovative and successful deals across various investment sectors.

Cornerstone Investor Agreement:

Investcorp Capital has entered into a cornerstone investor agreement with IVC Strategic Investment Company, committing to acquire offer shares in the global offering at the offer price. IVC Strategic Investment Company has committed approximately $250 million to the IPO.

Moelis & Company UK LLP DIFC Branch has been appointed as the independent financial advisor to the selling shareholder.

Banking Partners:

Emirates NBD Capital, First Abu Dhabi Bank, and HSBC Bank Middle East Limited have been selected as joint global coordinators and joint bookrunners. 

Emirates NBD Bank and First Abu Dhabi Bank are the joint lead receiving banks, and Al Maryah Community Bank and Mashreqbank have been appointed as the receiving banks.

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