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Investcorp Capital begins assessing interest in Abu Dhabi’s $600m IPO

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(Bloomberg) – Investcorp Holdings, the Middle East’s largest alternative asset manager, is planning to start meeting investors for its $600 million initial public offering in an Abu Dhabi investment vehicle, according to people familiar with the matter.

The Bahraini investor hopes to start the meeting as early as next week, the people said. Anonymity was requested as the information is not public. The company, Investcorp Capital, could conduct an initial public offering as early as September, they said.

Investcorp is working with HSBC on the potential offering, the people said. Goldman Sachs Group Inc., First Abu Dhabi Bank PJSC, Emirates NBD PJSC and Moelis & Co. have also been working on the project, Bloomberg reported in March. trade.

Investcorp Capital will take stakes in assets including private equity, real estate, credit and corporate investments, the people said. Details such as the size and timing are still preliminary and subject to change, they said.

Representatives for Investcorp and HSBC declined to comment.

The deal would be the first of its kind in the Middle East, which has been on an IPO frenzy since late 2021. After a tumultuous 2022, listing activity has slowed this year amid lower oil prices and fears of a possible recession.

Some $5.1 billion has been raised in listings in the region this year, down 64% from a year ago, according to data compiled by Bloomberg. That still accounted for 45% of total sales in Europe, the Middle East and Africa for the year, the data showed.

Investcorp, which backed luxury companies such as Tiffany & Co. and Gucci Ltd., was traded from Bahrain Securities in 2021 after nearly 40 years in business due to low trading volumes and a desire to expand faster. delisted.

Originally set up to raise capital from the Gulf region to invest in the U.S. and Europe, the firm has become more global in recent years. The company has offices in Beijing, Singapore, Japan and India as it seeks to expand in Asia.

Investcorp manages $50 billion in assets and its shareholders include some of the richest royals and business tycoons in the Middle East. Its practice includes private equity, real estate, infrastructure, credit management, strategic capital and absolute return investing.

Abu Dhabi sovereign fund Mubadala Investment Co. bought a 20 percent stake in Investcorp in 2017.

©2023 Bloomberg



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