Investcorp Capital, which offers capital financing services in the alternative investments space, plans to sell 29.34 per cent of its shares in an initial public offering on the Abu Dhabi Securities Exchange.

The company, part of Bahrain’s Investcorp Group, will sell 643 million ordinary shares, including 321.5 million newly issued shares, with a nominal value of $0.50 (Dh1.84) each, it said on Tuesday.

It did not give the timetable for the planned public float or when it intends to list the company on the ADX.

Investcorp Capital intends to use the net proceeds of the offering to further develop its capital financing services business with investments of about $100 million.

It also plans to use the funds for financing strategic growth opportunities, as well as for general corporate purposes.

“With the support of our four decades of alternative asset management expertise that have allowed Investcorp to grow to approximately $50 billion AUM [assets under management] including assets managed by third parties and our global presence, Investcorp Capital is well positioned to provide a unique investment opportunity and attractive risk adjusted returns,” its executive chairman Mohammed Alardhi said.

More to follow …

Updated: October 24, 2023, 4:43 AM