Citigroup Inc (NYSE:C). and Goldman Sachs Group Inc (NYSE:GS). have re-engaged in their roles as joint global coordinators and bookrunners for the upscaled $451 million Initial Public Offering (IPO) of Investcorp Capital Plc in Abu Dhabi. The offering, which was increased by 12% to 720 million shares due to high investor demand, is expected to be priced at the top end of the range at 2.30 dirhams.
The banks had previously withdrawn due to internal approval difficulties with a first-ever price stabilization mechanism. However, they have now returned to support the IPO, which has attracted significant interest despite escalating geopolitical tension in the Middle East due to ongoing Israel-Hamas conflicts.
Investcorp Capital, an investment entity of Investcorp Holdings, is offering 398.5 million shares while retaining its own portion at 321.5 million shares. The firm operates globally in private equity, real estate, credit, and general partner positions.
A notable participant in this IPO is IVC Strategic Investment Co, a special purpose vehicle that includes around 160 Gulf investors, some of whom are existing clients of Investcorp. IVC has pledged to acquire $250 million of the IPO as a cornerstone investor.
The final offer price will be disclosed tomorrow, with shares scheduled to begin trading on November 17, 2023.
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