Investcorp Capital’s IPO Sees Citigroup and Goldman Drop Out
Citigroup and Goldman have both opted out of Investcorp Capital’s initial public offering (IPO) due to internal approval issues regarding the price stabilization mechanism. This mechanism has never been attempted before in a United Arab Emirates listing, as reported by Bloomberg News.
The size of the IPO has been increased to meet the strong demand from both international and regional institutional investors. Investcorp is now selling 398.5 million shares, while Investcorp Capital’s portion of the offering remains unchanged at 321.5 million shares. The price range was revised upwards to a new range between Dh2.22 to Dh2.30 on Wednesday.
Investcorp Capital, an investment vehicle established by Investcorp Holdings, the Middle East’s biggest alternative asset manager, invests in private equity, real estate, credit, and general partner positions in North America, Europe, the Middle East, and Asia.
IVC Strategic Investment Co, a special purpose vehicle comprising about 160 investors from across the Gulf, has agreed to purchase around $250 million of the IPO as a cornerstone investor, including existing clients of Investcorp.
The final offer price is scheduled to be announced on Friday, with shares expected to begin trading on Nov. 17. Emirates NBD PJSC, First Abu Dhabi Bank PJSC, and HSBC Holdings Plc are acting as joint global coordinators on the IPO.
The update on Investcorp Capital’s IPO comes amidst the shifting landscape of global financial markets, as businesses and investors navigate the economic challenges stemming from the ongoing pandemic.
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