Alternative investment firm Investcorp Capital is looking to raise up to $403 million from its initial public offering on the Abu Dhabi Securities Exchange.
The company, which provides capital and capital financing services in alternatives and is part of alternatives manager Investcorp Group, said in a statement on Nov. 2 that it intends to offer 643 million ordinary shares with a nominal value of about 1.84 UAE dirham (50 cents) each. The price range for its listing had been set at between 1.90 dirham and 2.30 dirham per share, valuing the company at between 4.2 billion dirham and 5 billion dirham, the statement said.
IVC Strategic Investment Co., a special purpose vehicle established to aggregate orders from certain wealth management investors and a prominent Abu Dhabi-based investor, is a cornerstone investor in the IPO, committing about $250 million, the statement said. The subscription period began Nov. 2 and continues until Nov. 8 for professional investors subscribing in the first tranche, and until Nov. 9 for professional investors subscribing in the second tranche.
The intention to list was announced Oct. 24.
Separately, Bloomberg reported that European private equity firm CVC Capital Partners had postponed its plans for an Amsterdam IPO amid increasing market turmoil, according to people with knowledge of the matter.
The buyout firm could revisit the IPO next year after investor sentiment improves, the people said.
The firm had been looking at selling about a 10% stake through the IPO to raise at least €1.5 billion ($1.6 billion), the people said. CVC declined to comment, according to the report.
