Investcorp Capital (Investcorp) has successfully completed its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX), with Latham & Watkins serving as legal advisors to the underwriters and Clifford Chance as international issuer’s counsel for Investcorp.
Investcorp, a key player in providing capital and capital financing services within the alternative investments sector, offered 720,000,000 ordinary shares in the IPO. This included 321,500,000 new shares issued and sold by Investcorp and 398,500,000 shares sold by the pre-existing sole shareholder, Investcorp, amounting to 32.85% of its total issued share capital.
What sets this IPO apart is its groundbreaking use of a price stabilization mechanism, coupled with unique structuring and regulatory considerations. The offering, which witnessed strong demand from both international and regional institutional investors, was oversubscribed and upsized.
The final offer price for the shares was set at AED2.30 per share, resulting in a market capitalization of approximately AED5.04 billion (equivalent to US$1.37 billion) at the time of listing. The IPO generated gross proceeds of AED1,656 million (equivalent to US$451 million).
Latham & Watkins acted as legal advisors to the underwriters, including Citigroup Global Markets Limited, Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International, and HSBC Bank Middle East Limited.
The legal team, led by Dubai partners Nomaan Raja and Basil Al-Jafari, along with associate David Hayward, provided expertise on English and UAE law matters. Additional guidance was contributed by a diverse, cross-disciplinary team, including London regulatory partner Rob Moulton and associate Effie Stathaki.
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