Investcorp Capital has increased the number of shares on offer in its initial public offering on the Abu Dhabi Securities Exchange, citing strong demand from international and regional investors.
The offering has been increased to 720 million ordinary shares from 643 million ordinary shares, equivalent to 32.85 per cent of its total issued share capital and up from the previously announced 29.34 per cent, the company announced on Thursday.
The offer price range has also been tightened to between Dh2.22 and Dh2.30 a share, from the previously announced range of between Dh1.90 and Dh2.30, the company said.
Assuming all the shares in the offering are sold, Investcorp Capital, which offers capital financing services in the alternative investments space, is expected to raise between $435 million and $451 million.
The final offer price will be determined through a book-building process and will be announced on November 10, the company said.
The subscription periods for the offer remain unchanged.
Investcorp Capital, which is part of the Mubadala Investment Company-backed Investcorp Group, 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.
It also plans to use the funds for financing strategic growth opportunities, as well as for general corporate purposes.
The company 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.
The subscription closed for the first tranche offering of 32,150,000 shares on November 8, following which shares were allocated to professional investors.
The subscription period for the second tranche comprising an offering of 687,850,000 shares will close on November 9.
The selling shareholder has increased the size of the IPO as part of the offering in the second tranche from 321,500,000 ordinary shares to 398,500,000 ordinary shares.
The number of ordinary shares in the first tranche will not change, the company said.
On completion of the IPO, the company's shares will start trading on ADX on November 17.
Investcorp’s move to list its subsidiary and tap the equities market for growth capital comes during 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 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.
Citigroup Global Markets and Goldman Sachs International have joined the consortium as joint global co-ordinators and joint bookrunners.
MATCH INFO
Osasuna 1 Real Madrid 4
Osasuna: García (14')
Real Madrid: Isco (33'), Ramos (38'), Vázquez (84'), Jovic (90' 2)
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
MATCH INFO
Real Madrid 2
Vinicius Junior (71') Mariano (90 2')
Barcelona 0
RESULT
Arsenal 2
Sokratis Papastathopoulos 45 4'
Eddie Ntkeiah 51'
Portsmouth 0
Race card
4pm Al Bastakiya Listed US$300,000 (Dirt) 1,900m
4.35pm Mahab Al Shimaal Group 3 $350,000 (D) 1,200m
5.10pm Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m
5.45pm Burj Nahaar Group 3 $350,000 (D) 1,600m
6.20pm Jebel Hatta Group 1 $400,000 (T) 1,800m
6.55pm Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m
7.30pm Dubai City Of Gold Group 2 $350,000 (T) 2,410m
The National selections:
4pm Zabardast
4.35pm Ibn Malik
5.10pm Space Blues
5.45pm Kimbear
6.20pm Barney Roy
6.55pm Matterhorn
7.30pm Defoe
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Where to apply
Applicants should send their completed applications - CV, covering letter, sample(s) of your work, letter of recommendation - to Nick March, Assistant Editor in Chief at The National and UAE programme administrator for the Rosalynn Carter Fellowships for Mental Health Journalism, by 5pm on April 30, 2020.
Please send applications to nmarch@thenational.ae and please mark the subject line as “Rosalynn Carter Fellowship for Mental Health Journalism (UAE programme application)”.
The local advisory board will consider all applications and will interview a short list of candidates in Abu Dhabi in June 2020. Successful candidates will be informed before July 30, 2020.
MORE ON TURKEY'S SYRIA OFFENCE
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
SERIES SCHEDULE
First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Cricket Stadium
August 12-16
First ODI, Rangiri Dambulla International Stadium
August 20
Second ODI, Pallekele International Cricket Stadium
August 24
Third ODI, Pallekele International Cricket Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6
UAE currency: the story behind the money in your pockets
Key developments in maritime dispute
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
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