Investcorp Capital has increased the number of shares on offer in its initial public offering on the Abu Dhabi Securities Exchange, citing strong demand from international and regional investors. <a href="https://www.thenationalnews.com/business/markets/2023/11/02/investcorp-capital-ipo-company-aims-to-raise-403-million-through-adx-listing/" target="_blank">The offering has been increased</a> to 720 million ordinary shares from 643 million ordinary shares, equivalent to 32.85 per cent of its total issued share capital and up from the previously announced 29.34 per cent, the company announced on Thursday. The offer price range has also been tightened to between Dh2.22 and Dh2.30 a share, from the previously announced range of between Dh1.90 and Dh2.30, the company said. Assuming all the shares in the offering are sold, Investcorp Capital, which offers capital financing services in the alternative investments space, is expected to raise between $435 million and $451 million. The final offer price will be determined through a book-building process and will be announced on November 10, the company said. The subscription periods for the offer remain unchanged. Investcorp Capital, which is part of the Mubadala Investment Company-backed<a href="https://www.thenationalnews.com/business/economy/2023/09/22/investcorp-boosts-us-industrial-assets-portfolio-with-216m-acquisition/"> Investcorp Group</a>, intends to use the net proceeds of the offering to further develop its capital financing services business and increase its investments into the capital deployment business of about $100 million. It also plans to use the funds for financing strategic growth opportunities, as well as for general corporate purposes. The company invests capital either into funds managed or controlled by its clients or directly into alternative investments, including private corporations, property assets and collateralised loan obligations. It has interests in private equity, real estate and credit management, and holds <a href="https://www.thenationalnews.com/business/economy/2023/09/22/investcorp-boosts-us-industrial-assets-portfolio-with-216m-acquisition/" target="_blank">general partner positions in North America,</a> Europe, the Middle East and Asia. The company also provides capital financing services, generating fee-based income through the charging of underwriting and commitment fees to its clients. The <a href="https://www.thenationalnews.com/business/markets/2023/10/24/investcorp-capital-ipo-company-to-sell-29-stake-and-list-on-adx/" target="_blank">subscription closed for the first tranche offering</a> of 32,150,000 shares on November 8, following which shares were allocated to professional investors. The subscription period for the second tranche comprising an offering of 687,850,000 shares will close on November 9. The selling shareholder has increased the size of the IPO as part of the offering in the second tranche from 321,500,000 ordinary shares to 398,500,000 ordinary shares. The number of ordinary shares in the first tranche will not change, the company said. On completion of the IPO, the company's shares will start trading on ADX on November 17. Investcorp’s move to list its subsidiary and tap the equities market for growth capital comes during a flurry of listings in the GCC despite global economic challenges. The ADX, the Arab world’s second-largest exchange by market value, accounted for 14 per cent of all listings worldwide in the first quarter of 2023, an indication of the strength of its capital markets amid a challenging global IPO market, according to consultancy EY. The bourse attracted $3 billion worth of listing proceeds in the first three months of this year, placing it third worldwide, with <a href="https://www.thenationalnews.com/business/markets/2023/03/03/adnoc-gas-ipo-energy-company-raises-25bn-from-years-biggest-offering/">Adnoc Gas</a> raising about Dh9.1 billion from the sale of a 5 per cent stake. The Dubai International Financial Centre branch of Moelis & Company UK has been appointed as the independent financial adviser for the listing. Emirates NBD Capital, First Abu Dhabi Bank and HSBC Bank Middle East have been appointed as joint global co-ordinators and bookrunners. Emirates NBD Bank and First Abu Dhabi Bank have been appointed as the joint lead receiving banks while Al Maryah Community Bank and Mashreqbank are the receiving banks. Citigroup Global Markets and Goldman Sachs International have joined the consortium as joint global co-ordinators and joint bookrunners.