Investcorp Capital to float on ADX as IPO action returns to UAE markets; issue size is $320m

The ADX is down 8 per cent year-to-date, much of which after how events panned out since the start of the Israel-Hamas conflict on October 7. ADX had seen some major listings in the early half of the year, with ADNOC Gas and Drilling leading the way, as have the Group 42 affiliated AI entities Bayanat and presight.

“Investcorp Capital is an innovative investment vehicle founded by Investcorp, which will enable investors to access a wide range of asset classes in the alternative investment space,” said Mohammed Alardhi, Executive Chairman of Investcorp Group.

That Investcorp Capital had listing plans for the UAE had been talked about in the industry circles for some time. Plus, given the situation unfolding in the region, the IPO will give an insight into investor sentiments, analysts say.

Also, Investcorp has the legacy to bank on – and that’s something Investcorp Capital will be tapping into.

“For more than 40 years, Investcorp has been a leading name in alternative asset management,” said Timothy Mattar, CEO of Investcorp Capital. And help it be ‘at the forefront of some of the most innovative and successful deals across corporate investments, global credit, real estate, strategic capital, insurance asset management, infrastructure and absolute return investments.

“Today’s ITF (intention to float) announcement, and Investcorp Capital’s subsequent listing on the ADX, will build on the established track record of Investcorp and give investors an opportunity to take advantage of this presence and access to a portfolio of high-quality private market investments that are expected to deliver consistent, risk-adjusted returns.

“Together with Investcorp, we are looking forward to the listing and embarking on this new, exciting chapter with Investcorp Capital.”

There is already a ‘cornerstone investor’ agreement with IVC Strategic Investment Company, by which it will put up around $250 million to the IPO.

“Investcorp Capital marks the return of IPOs to the UAE capital markets – which has seen $3.95 billion raised this year – and all of which have been high levels of investor demand,” said Sameer Lakhani, Managing Director of Global Capital Partners. 

“Whilst the offer is catered for more institutional investors, it allows access to a premier investment management company with regional and international private and public markets.”

The company’s investment landscape spans real estate (spanning continents), global credit markets and a third prong, which it defines as ‘strategic capital’ opportunities. (The latter opportunities involve acquiring ‘minority interests in established mid-sized alternative asset managers and high quality firms with potential for growth’.