Investcorp Capital, newly listed on the Abu Dhabi Securities Market, announced that the stake owned by the Bahraini company Investcorp in it increased to 71.43 percent, after completing the process of transferring ownership of stabilization shares.
The company explained, in a statement to the Abu Dhabi Financial Market, today, Thursday, that the market maker QMM, which was appointed as the liquidity provider for its shares regarding the listing and initial public offering of the company, transferred 93.91 million of its shares to Investcorp; This is after the end of the stabilization period.
Investcorp Capital appointed QMM as price stability manager during the process of offering its shares for public subscription, and continued to do so for a period of 30 days from the date of the start of trading.
It is noteworthy that Investcorp Capital PLC announced on November 10, setting the final offering price for the IPO shares at 2.30 dirhams ($0.63), which is considered the upper limit of the price range.
The entire offering size of 720 million shares was allocated, achieving total proceeds according to the final price of approximately 1,656 million dirhams (equivalent to 451 million dollars).
The professional investors participating in the private offering of the first tranche in the UAE received a text message confirming the allocation of each of them on the date of November 14, 2023.
The company confirmed at the time that setting the final price at the upper limit indicates that the company will pay dividends of 8.4 percent for the fiscal year ending on June 30, 2024.
She said that after the listing process is completed, the company's market value will reach 5.04 billion dirhams (equivalent to about 1.37 billion dollars).
The subscription began on Thursday, November 2, 2023, through the offering of 643 million shares of Investcorp Capital PLC; Equivalent to 29.34 percent of its total capital, including new shares; The offering size will then be increased to 720 million shares, equivalent to 32.85 percent of the total capital.
Investcorp Capital targeted raising up to $403 million by offering 29.34 percent of its shares on the Abu Dhabi Securities Market.
Investcorp Capital is an independent alternative investment holding company with approximately US$50 billion in assets under management (including assets managed by third parties) and focuses on the capital financing and capital allocation services sectors.
In 2017, Mubadala Investment Company, the Abu Dhabi Sovereign Fund, acquired 20 percent of Investcorp’s shares.
Investcorp Capital intends to pay a semi-annual cash dividend of at least 8 percent (in equal payments) for the fiscal year ending June 30, 2024, based on total net profits of $1.235 billion, equivalent to 4.536 billion dirhams, as of the listing date, which has been augmented by proceeds. The initial result of subtraction.
The company expects to distribute semi-annual dividends in February and October of each year.
It is noteworthy that Investcorp Capital PLC was listed on the Abu Dhabi Securities Market on November 17, within the first category of the market.
Investcorp owned 67.15 percent of Investcorp Capital's capital on the day of its listing.
