Investcorp announces intention to float on ADX

Investcorp Capital plc has announced its intention to proceed with an IPO of 643,000,000 ordinary shares with a nominal value of $0.50 (equivalent to Dhs 1.84) each representing approximately 29.34% of its issued share capital post issuance of the new shares and to admit its shares for listing and trading on the Abu Dhabi Securities Exchange (ADX).

The company plans to offer 321,500,000 new shares while 321,500,000 shares will be sold by selling shareholder, Investcorp S.A. The subscription will be open from November 2 to November 9, 2023. Listing on the ADX is set for 17 November.

The company and the selling shareholder retain the right to amend the size of the offering and the size of each tranche at any time before the pricing of the offering, subject to the applicable laws of the UAE and the approval of the Securities and Commodities Authority (SCA).

The company is registered as a public company limited by shares incorporated in the Abu Dhabi Global Market (ADGM) and is subject to the ADGM Companies Regulations 2020 (as amended).

The first tranche offer period is expected to start on 2nd November 2023 and close on 8th November 2023, and the second tranche offer period is expected to begin on 2nd November 2023 and close on 9th November 2023.

Commenting on the launch of the IPO process, Mohammed Alardhi, Executive Chairman of Investcorp Group, a global asset management and capital financing services company, said, “We are very pleased to announce the intention to float Investcorp Capital in Abu Dhabi, one of the largest stock exchanges in the Arab world. Investcorp Capital is an innovative investment vehicle founded by Investcorp, which will enable investors to access a wide range of asset classes in the alternative investment space.

“With the support of our four decades of alternative asset management expertise that have allowed Investcorp to grow to approximately $50bn AUM (including assets managed by third parties) and our global presence, Investcorp Capital is well-positioned to provide a unique investment opportunity and attractive risk-adjusted returns.”

It is intended that the offering will consist of an offering of 5 percent of the Offer Shares, allocated on a pro-rata basis and open to Professional Investors (as defined in the SCA Board of Directors’ Chairman Decision No.13/R.M of 2021 (Professional Investors); and an offering of 95 percent of the Offer Shares, allocated on a discretionary basis and open to Professional Investors (Second Tranche and together with the First Tranche, the Tranches).

The indicative price range per offer share will be determined in due course and published on the opening date of the subscription period and will be contained in the International Offering Memorandum. The final offer price per Offer Share (the Offer Price) will be determined through, and following, a bookbuilding process carried out as part of the Second Tranche offering.

Meanwhile, AD Ports Group is all set to host the International Association of Ports and Harbors (IAPH) World Ports Conference - Abu Dhabi 2023, to be held at the Abu Dhabi National Exhibition Centre (ADNEC) from 31st October to 2nd November under the theme of ‘Reinventing Ports’.

The IAPH World Ports Conference is a major global platform, outlining the crucial role that seaports play in supporting the global trade sector, which in a landmark step is being held in the Middle East and North Africa region for the first time. More than 100 speakers are expected to take part including some of the most influential figures in the industry, along with leading port operators from around the world and an elite group of experts who will participate in more than 35 keynotes, plenary panels, breakout sessions and roundtable discussions.

AD Ports Group holds a leading strategic position in the global trade sector. The company will offer its expertise in energy transition, data collaboration and resilience, with active senior executive participation during the Conference. The Group’s diverse network of international relations will enrich the discussions that contribute to developing clear plans for achieving sustainable growth for the industry.

The forum coincides with the 47th anniversary of the founding of the Arab Sea Ports Federation, of which the UAE has been president since 2022, represented by Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group. Abu Dhabi will be hosting the sessions of the 61st meeting of the Federation’s Board of Directors on the sidelines of the Conference.

Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, commented, “The World Ports Conference 2023 is one of the most important platforms in the maritime sector globally and will address key sector challenges and opportunities. The fact that AD Ports Group is hosting this event confirms the pivotal position that Abu Dhabi’s plays within the industry internationally. In line with the vision and guidance of our wise leadership, our focus is on strengthening Abu Dhabi’s role as one of the leading hubs for global trade, and a major gateway for emerging markets.

“Seaports locally and regionally have witnessed considerable advancements over the past years, in terms of infrastructure and operational processes. The industry has been at the forefront of technological developments, which have played a key role in contributing to the growth and prosperity of economies. These trends will be core focus areas at the global event,” he added.

Capt. Al Shamisi highlighted that the theme of the Conference for this year ‘Reinventing Ports’ underlines its objective of creating effective methods to accelerate progress in the ports sector. It will also bolster efforts to exchange ideas, information and best practices, as well as build new partnerships to facilitate potential future opportunities.

The World Ports Conference, organised in cooperation with S&P Global, is scheduled to discuss a range of critical industry topics. It will include a series of specialised sessions, workshops and panels that focus on analysing case studies, and enhancing communication and cooperation between the various parties within the industry.

WAM