Investcorp Capital, a Bahrain-based investment manager, has successfully raised AED 1.66B ($451M) through the sale of roughly one-third of its shares in an IPO on the Abu Dhabi Securities Exchange.
The company, affiliated with Mubadala Investment Company-backed Investcorp, finalised the offering price at AED 2.30 per share, establishing a market capitalisation of approximately AED 5.04B at the time of listing.
Investcorp Capital, which will start trading on the ADX main market under the ticker symbol “ICAP” on November 17, intends to play a vital role in meeting the rising demand for EV cars, particularly along highways. The CEO expects to have 50 operational charging points by the end of 2023.
Investcorp Capital’s IPO Surges with Global Investor Demand
Notably, Investcorp Capital’s IPO witnessed strong demand from both regional and international investors, prompting an increase in the number of shares offered to 720 million ordinary shares, equivalent to 32.85% of the company’s total issued share capital.
The IPO, comprised of 321.5 million new shares and 398.5 million existing shares, was fully subscribed and allocated, according to The National News.
Investcorp Capital plans to utilise the net proceeds from the IPO for the expansion of its capital financing services business, increased investments in capital deployment (about $100M), financing strategic growth opportunities, and general corporate purposes.
The company, with interests in private equity, real estate, and credit management, aims to leverage its four decades of alternative asset management expertise to provide unique investment opportunities and attractive risk-adjusted returns.
Moelis & Company UK served as the independent financial adviser for the IPO, with Citigroup Global Markets, Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International, and HSBC Bank Middle East acting as joint global co-ordinators and joint bookrunners.
Emirates NBD Bank and First Abu Dhabi Bank were joint lead receiving banks, while Al Maryah Community Bank and Mashreqbank were receiving banks.
Investcorp Capital’s CEO, Mohammed Alardhi, expressed delight in the demand for the IPO, emphasizing that it opens Investcorp’s track record in private investment to the capital markets and solidifies its position as an innovator in the alternative assets industry.
The company’s strategic move aligns with its commitment to sustainable initiatives, as seen in the recent adoption of biofuel to power its heavy vehicle fleet, contributing to efforts to reduce its carbon footprint.
