International law firm Clifford Chance acted as international issuer’s counsel for Investcorp Capital (Investcorp), a prominent Middle East alternative asset manager, in its historic initial public offering (IPO) and subsequent listing on the Abu Dhabi Securities Exchange (ADX). The IPO successfully garnered approximately US$451 million by offering roughly a third of the company’s shares, resulting in an implied market capitalization of approximately AED5.04 billion (equivalent to approximately US$1.37 billion).
With Latham & Watkins serving as legal advisors to the underwriters, Investcorp’s IPO marks a groundbreaking milestone as the first of its kind and stands among the initial private sector companies seeking a listing on the ADX through a capital-raising transaction. This undertaking presented distinctive structuring and regulatory challenges that demanded substantial innovation, notably incorporating the pioneering use of price stabilization—a first in UAE IPOs.
Established in 1982, the Investcorp Group is a leading manager of alternative investments, boasting an extensive and diverse global investment portfolio valued at around US$50 billion. The portfolio spans private equity, real estate, infrastructure, credit management, and strategic capital, with investments extending to renowned luxury goods brands such as Gucci and Tiffany & Co.
A cross-border team advised on the transaction, led by Dubai-based partner and head of the Middle East ECM practice, Mike Taylor (pictured), who was supported by US securities partner Drew Rundus (London), ECM partner Christopher Roe (London), corporate/regulatory partner Jack Hardman (Dubai), UK financial services regulatory partner Paul Ellison (London), senior associates Rezwan Azam (Dubai) and Sarah Butler (London), associates Massimiliano Valli (Dubai), Mathias Toubiana (London), Radhika Sharma (London), Ismaila Ngum (Dubai), and US securities associate Jake Ducharme (London). Additional specialist transaction support was provided by partner and head of the firm’s London Tech//Digital group and Global Outsourcing practice André Duminy, senior associates Claudia Hall (London) and Jamie Andrew (London), associate Alex Dixey (London) and trainee solicitor Aaron Gelfand (London).
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