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Oct 24 (Reuters) – Investcorp Capital said on Tuesday it plans to sell 643 million ordinary shares in an initial public offering (IPO) with the aim of listing on the Abu Dhabi Stock Exchange.
Bahrain-based Investcorp will offer 643 million ordinary shares at a nominal price of $0.50 (1.84 UAE dirhams). According to Investcorp, the 643 million shares represent approximately 29.34% of the issued share capital after the IPO.
Investcorp Capital and Investcorp SA have entered into a cornerstone investor agreement with IVC Strategic Investment Company, which announced it has committed approximately $250 million to the IPO.
Investcorp has hired Emirates NBD Capital PSC, First Abu Dhabi Bank PJSC and HSBC Bank Middle East Limited as joint global coordinators and joint bookrunners.
Investcorp, which has $50 billion in assets under management (AUM), is best known for publicly listing luxury goods brands such as Gucci and Tiffany & Co.
Under the leadership of Mohammed Al Ardi, Investcorp’s current executive chairman, Investcorp has grown its assets under management over the past seven years by diversifying into sectors such as infrastructure, acquiring stakes in other general partners, and insurance. The amount was increased five times.
(Reporting by Nilutpal Timsina in Bengaluru; Editing by Christopher Cushing and Christian Schmollinger)