Bahrain-based asset manager Investcorp Capital has raised Dh1.66 billion ($451 million) from the sale of about a third of its shares to the public during its listing on the Abu Dhabi Securities Exchange, amid “strong demand”. The company, a unit of <a href="https://www.thenationalnews.com/business/economy/2022/03/01/mubadala-capital-invests-in-australian-company-promoting-new-motorcycling-championship/">Mubadala Investment Company</a>-backed Investcorp, set the final offering price at the top range of Dh2.30 a share, implying a market capitalisation of about Dh5.04 billion at listing and a dividend yield of 8.4 per cent for the year ending June 30, 2024, it said on Friday. Investcorp Capital will be admitted for trading on the main market of the ADX on November 17, under the ticker symbol “ICAP”, the company said. Investcorp on Thursday <a href="https://www.thenationalnews.com/business/markets/2023/11/09/investcorp-capital-ipo-number-of-shares-on-offer-raised-due-to-strong-demand/" target="_blank">increased the number of shares on offer</a> to 720 million ordinary shares, or 32.85 per cent of the company's total issued share capital. It cited strong demand from regional and international investors as reason for raising the size of offering from previously announced 643 ordinary shares, or 29.34 per cent of its share capital. The offering, comprising<i> </i>321,500,000 new shares and 398,500,000 existing shares, was fully subscribed and allocated. “We are delighted to see the levels of demand in Investcorp Capital’s IPO, from professional investors both internationally and within the UAE,” said Mohammed Alardhi, executive chairman of the Investcorp Group. “Through this IPO, we have been able to open up Investcorp’s track record in private investment to the capital markets and cement our position as an innovator in the alternative assets industry. This transaction, which marks many firsts for the UAE market, is a historic moment for Investcorp and marks a new chapter for this new business.” Moelis & Company UK was the independent financial adviser while Citigroup Global Markets, Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International and HSBC Bank Middle East were joint global co-ordinators and joint bookrunners on the deal. Emirates NBD Bank and First Abu Dhabi Bank are the joint lead receiving banks while Al Maryah Community Bank and Mashreqbank are receiving banks. Investcorp Capital 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, <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">the company said in October</a> when it announced its intention to list shares. It also plans to use the funds to finance strategic growth opportunities and general corporate purposes. “With the support of our four decades of alternative asset management expertise that have allowed Investcorp to grow to approximately $50 billion AUM [assets under management], 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,” Mr Alardhi said at the time. 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/">general partner positions in North America,</a> Europe, the Middle East and Asia. Investcorp has made major moves to boost its global portfolio. In September, <a href="https://www.thenationalnews.com/business/economy/2023/09/22/investcorp-boosts-us-industrial-assets-portfolio-with-216m-acquisition/" target="_blank">it bought 31 industrial properties in the US</a> worth $216 million, while in July it said it was investing $100 million to <a href="https://www.thenationalnews.com/business/economy/2023/07/03/investcorp-invests-100m-in-italy-based-communications-and-advocacy-group/" target="_blank">buy a majority stake in SEC Newgate</a>, an Italy-based global strategic communications and advocacy group. “Investcorp Capital’s highly attractive investment proposition and impressive dividend payout was able to bring strong demand to the offering, which will be a regional first,” said Timothy Mattar, chief executive of Investcorp Capital. “We look forward to continuing this momentum with the company’s listing and growth through investment expertise.”