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

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investment holding companyThe 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 car IPO—— investment capital — They say it could come as soon as September.

Investcorp is working with HSBC Holdings about the potential distribution, the people said. Goldman Sachs Group Inc., First Abu Dhabi Bank PJSC, Emirates NBD PJSCand morris co. The company has also been working on the deal, Bloomberg reported in March.

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 annual sales across Europe, the Middle East and Africa, the data showed.

Investcorp, whose backing of luxury companies includes Tiffany & Co. and gucci co., ltd.The company was delisted from the Bahrain Stock Exchange in 2021 after nearly four decades due to low trading volumes and a desire to expand faster.

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. Acquired a 20% stake in Investcorp in 2017.

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