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Dubai: Investcorp Capital has decided to to raise ithe IPO size, which will see the fund manager sell 720 million ordinary shares compared to the earlier plan for 643 million, and citing ‘strong demand from international and regional institutional investors’.
This is equivalent to 32.85 per cent of the company’s total issued share capital. Investcorp Capital, which has exposures across regional and international asset classes, opened its IPO for subscription November 2.
The price range for the shares – previously set at Dh1.90 to Dh2.30 – has been ‘tightened’ towards the upper level of Dh2.22 to Dh2.30.
The size of the offer will now be Dh1.59 billion to Dh1.65 billion. The final offer price is expected to be announced tomorrow (November 10).
The size of the offer has been specifically raised in the second tranche – meant for institutional investors – from 321.5 million shares to 398.5 million. The number in the first tranche will not change.
Also, the number of ‘stabilization shares’ will be increased from 83.8 million shares to 93.9 million shares.
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