Abu Dhabi Securities Market
On Thursday, Investcorp Capital set the price range for its initial public offering between 1.9 UAE dirhams per share and 2.3 dirhams, which could enable it to raise between 1.22 billion dirhams ($333 million) and 1.478 billion dirhams ($403 million), and give it a market value. It amounts to 4.1 billion dirhams to 5.04 billion dirhams (about $1.13 billion to $1.37 billion).
The subscription period for Investcorp Capital shares begins on Thursday, the second of November 2023, by offering 643 million of its shares, equivalent to 29.34 percent of its total capital, including new shares, on the Abu Dhabi Securities Market.
The offering shares include 321.5 million shares of new shares to be issued by the company, and 321.5 million shares to be sold by Investcorp SA, the company’s sole shareholder.
The company and the selling shareholder reserve the right to amend the size of the offering and the size of any tranche at any time before the end of the subscription period in accordance with the laws in force in the UAE and after obtaining the approval of the Securities and Commodities Authority in Abu Dhabi.
The company was established in 1982, making it one of the oldest private investment companies in the Middle East.
The offering, intended only for professional investors, targets two segments:
The first tranche: 5 percent of the offering shares will be allocated, and subscription will be on a proportional basis. They will be offered to professional investors according to the Securities and Commodities Authority’s definition of professional investors. The second tranche: 95 percent of the offering shares will be allocated to professional investors as specified in the Chairman of the Authority’s Board of Directors’ Decision No. 13 R.M. of 2021, as amended from time to time.
The subscription period ends on November 8 for the first tranche and on November 9 for the second tranche, while acceptance for listing in the Abu Dhabi Market is expected on November 17, 2023.
2023-11-02 07:27:45
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