Middle East alternative asset manager Investcorp sets IPO price range for vehicle

Middle East alternative asset manager Investcorp sets IPO price range for vehicle

Image courtesy: MAZEN MAHDI/ Getty Images

Middle East alternative asset manager Investcorp set the price range on Thursday for the initial public offering (IPO) of its investment vehicle, potentially raising up to $402.7m with an equity valuation of up to $1.37bn.

The price range for Investcorp Capital was set at Dhs1.90 to Dhs2.30 per share, said the company. It plans to offer 643 million ordinary shares and wants to list on the Abu Dhabi Securities Exchange (ADX). The shares are expected to be priced on November 10.

Reuters reported in June some of the initial plans for the vehicle, which will operate as an independent company, and hold Investcorp’s private market co-investments across assets including credit, real estate and private equity.

The planned flotation from Investcorp with $50bn in assets under management, is the first major public deal from the Middle East since the Israel-Hamas conflict unsettled regional markets.

Abu Dhabi’s stock index is down just under 3 per cent since the conflict began on October 7, and down 7 per cent year-to-date.

Investcorp growth strategy

Founded in 1982, making it one of the oldest Middle Eastern private equity houses, Investcorp is best known globally for listing luxury goods brands such as Gucci and Tiffany &