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Announcement Of Listing And Commencement Of Trading On The Abu Dhabi Securities Exchange

17 Nov 2023

  • Investcorp Capital has successfully completed its IPO and listing on the ADX (Ticker: ICAP), raising gross proceeds of approximately AED 1.66 billion (equivalent to approximately USD 450 million), resulting in an implied market capitalization of approximately AED 5.04 billion (equivalent to approximately USD 1.37 billion)
  • The Final Offer Price was set at AED 2.30 per share, at the top end of the price range for the IPO, implying a dividend yield of 8.4% for the year ending 30 June 2024 on an absolute and pro-rated basis and 13.5% on annualized basis for IPO investors.

Investcorp Capital plc (the “Company” or “Investcorp Capital”), a provider of capital and capital financing services in the alternative investments space, has been admitted to, and its ordinary shares commenced trading on the Abu Dhabi Securities Exchange (“ADX”) today, following the successful completion of its Initial Public Offering (“IPO” or the “Offering”). Investcorp Capital plc is now traded under the ticker symbol “ICAP” on the ADX.

In its IPO, Investcorp Capital floated 32.85% of its total issued share capital and raised AED 1.66 billion (equivalent to approximately USD 451 million).

Priced at the top of the Offer Price Range at AED 2.30 per share, the Offering drew significant demand from institutional investors, both from the region and internationally.

 Investcorp Capital has a market capitalization of approximately AED 5.04 billion (equivalent to approximately USD 1.37 billion) at the time of listing.

The Company is targeting to pay dividends of at least AED 422 million (equivalent to approximately USD114.9 million) for the financial year ending 30 June 2024, implying a dividend yield of 8.4% on an absolute and pro-rated basis and 13.5% on an annualized basis for IPO investors.

Speaking at the ADX bell-ringing ceremony, H.E. Mohammed Alardhi,Executive Chairman of Investcorp Group, a global asset management and capital financing services company, said: “This is a proud and historic moment for Investcorp Group as Investcorp Capital begins life as a listed company on the ADX, bringing with it new professional and institutional shareholders from the region and around the world. As Chairman of Investcorp Capital, my work will be to protect the interests of all shareholders, guiding Investcorp Capital as it grows and delivers returns that will benefit all shareholders. I would like to personally thank my colleagues at Investcorp Group and Investcorp Capital, as well as the many advisors who have supported us for their perseverance and hard work to get us to where we are today.”

Commenting on the listing, Abdulla Salem Alnuaimi, the Chief Executive Officer at the Abu Dhabi Securities Exchange (ADX) said,

“We welcome Investcorp Capital, a global alternative investment powerhouse to ADX. This listing is a testimony to the trust that international companies place in the UAE’s capital markets and the country’s stable economy and diversified investor ecosystem.”

Commenting on the listing, Timothy Mattar, Chief Executive Officer of Investcorp Capital, added, “Investcorp Capital’s debut on the ADX marks the completion of a successful and first of its kind IPO in the region. The demand from a broad range of investors is testament to the confidence and trust our new shareholders have placed on our strategy and growth potential. We intend to build on the strong track record of Investcorp and provide all shareholders with unrivalled investment opportunities and consistent returns.”

First Abu Dhabi Bank PJSC acted as the Listing Advisor of the Company (in accordance with the requirements for that role as described in Article 33 (Second) (14) of the Offering Regulations (as defined in the UAE Prospectus)) and will continue to do so for a period of twelve (12) months from today.

Moelis & Company UK LLP, DIFC Branch acted as the Independent Financial Advisor to Investcorp group, as the selling shareholder.

Citigroup Global Markets Limited, Emirates NBD Capital PSC, First Abu Dhabi Bank PJSC, Goldman Sachs International and HSBC Bank Middle East Limited each acted as Joint Global Coordinators and Joint Bookrunners. Emirates NBD Bank PJSC and First Abu Dhabi Bank PJSC acted as the Joint Lead Receiving Banks. Al Maryah Community Bank and Mashreqbank PSC acted as the Receiving Banks.