Shareholders in Investcorp Capital, which offers capital financing services in the alternative investments space, are looking to raise as much Dh1.48 billion ($403 million) through the sale of a 29.34 per cent stake in an initial public offering on the Abu Dhabi Securities Exchange.
The company, which is part of the Mubadala Investment Company-backed Investcorp Group, will sell 643 million ordinary shares, including 321.5 million newly issued shares, at a price range between Dh1.90 and Dh2.30 a share, it said on Thursday.
The indicative price band values the company between Dh4.16 billion and Dh5.04 billion, with an implied target dividend yield of 9.9 per cent to 8.4 per cent for the financial year ending June 30, 2024.
IVC Strategic Investment Company will be a cornerstone investor in the IPO with a committed investment $250 million.
The subscription period for the public float starts on November 2 and will run until November 8 in the first tranche, and until November 9 in the second tranche for professional investors, the company said.
As part of the offering, 5 per cent will be allocated in the first tranche and 95 per cent in the second.
There is a minimum application size of Dh50,000 in the first tranche and Dh5 million in the second.
“The final offer price is expected to be announced on November 10 while admission [the listing on the ADX] is expected to occur on November 17,” the company said.
Investcorp Capital intends to use the net proceeds of the offering to further develop its capital financing services business and increase its investments into the capital deployment business of about $100 million, the company said in October when it announced its intention to list shares.
It also plans to use the funds to finance strategic growth opportunities and general corporate purposes.
“With the support of our four decades of alternative asset management expertise that have allowed Investcorp to grow to approximately $50 billion AUM [assets under management], 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,” its executive chairman Mohammed Alardhi said at the time.
Investcorp Capital invests capital either into funds managed or controlled by its clients or directly into alternative investments, including private corporations, property assets and collateralised loan obligations.
It has interests in private equity, real estate and credit management, and holds general partner positions in North America, Europe, the Middle East and Asia.
The company also provides capital financing services, generating fee-based income through the charging of underwriting and commitment fees to its clients.
While the geopolitical tension in the Middle East, particularly the Israel-Gaza conflict, have affected investors and markets globally, the company is positioning the IPO as a “long-term” initiative, Hazem Ben-Gacem, vice chairman, non-executive director and co-chief executive of Investcorp Holdings, told The National in an interview last month.
“What we are doing is not about a certain transaction at one point in time. This is not about the IPO. This is about evolving Invescorp to be a big part of the UAE public markets, the financial ecosystem,” he said at the time.
Investcorp’s move to list its subsidiary and tap the equities market for growth capital comes amid a flurry of listings in the GCC despite global economic challenges.
The ADX, the Arab world’s second-largest exchange by market value, accounted for 14 per cent of all listings worldwide in the first quarter of 2023, an indication of the strength of its capital markets amid a challenging global IPO market, according to consultancy EY.
The bourse attracted $3 billion worth of listing proceeds in the first three months of this year, placing it third worldwide, with Adnoc Gas raising about Dh9.1 billion from the sale of a 5 per cent stake.
The ADX also hosted the largest Mena IPO in the second quarter, with Adnoc L&S raising $769.5 million.
The Dubai International Financial Centre branch of Moelis & Company UK has been appointed as the independent financial adviser for the listing.
Emirates NBD Capital, First Abu Dhabi Bank and HSBC Bank Middle East have been appointed as joint global co-ordinators and bookrunners.
Emirates NBD Bank and First Abu Dhabi Bank have been appointed as the joint lead receiving banks while Al Maryah Community Bank and Mashreqbank are the receiving banks.
PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
Mohammed bin Zayed Majlis
High profile Al Shabab attacks
- 2010: A restaurant attack in Kampala Uganda kills 74 people watching a Fifa World Cup final football match.
- 2013: The Westgate shopping mall attack, 62 civilians, five Kenyan soldiers and four gunmen are killed.
- 2014: A series of bombings and shootings across Kenya sees scores of civilians killed.
- 2015: Four gunmen attack Garissa University College in northeastern Kenya and take over 700 students hostage, killing those who identified as Christian; 148 die and 79 more are injured.
- 2016: An attack on a Kenyan military base in El Adde Somalia kills 180 soldiers.
- 2017: A suicide truck bombing outside the Safari Hotel in Mogadishu kills 587 people and destroys several city blocks, making it the deadliest attack by the group and the worst in Somalia’s history.
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Killing of Qassem Suleimani
Green ambitions
- Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
- Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
- Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
- Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
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THREE
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Company%20profile
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If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
