Investcorp Capital announced setting the final offering price for ordinary shares at a nominal value of $0.50 per share in connection with the public offering of the company’s shares on the Abu Dhabi Securities Market.
The final offering price for the IPO was set at AED 2.30 per share, which is within the highest levels of the offering price range for the IPO, indicating a dividend distribution of 8.4 percent for the year ending June 30, 2024.
The offering raised total proceeds of approximately 1.66 billion dirhams (equivalent to $451 million) with an implied market value for the company of approximately 5.04 billion dirhams (equivalent to approximately $1.37 billion).
Acceptance for listing of the company’s shares on the Abu Dhabi Securities Market is expected to begin on Friday, November 17, 2023.
Investcorp Capital confirmed in a statement that the entire previously announced offering size of 720 million shares will be allocated and includes 321.5 million new shares and 398.5 million selling shares, which together constituted the offering shares, equivalent to 32.85 percent of the total share capital. The company’s money, which achieved total revenues amounting to approximately 1,656 million dirhams (equivalent to 451 million dollars).
Professional investors participating in the first tranche offering in the UAE will receive a text message confirming the allocation of each of them on November 14, 2023. The process of refunding the excess subscription amounts along with the resulting profits for the first tranche will begin on November 14, 2023.
2023-11-10 11:57:22
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