Bahrain's Investcorp considers an investment vehicle IPO

The largest alternative asset manager in the Middle East, Investcorp Holdings, is thinking about listing an investment vehicle in Abu Dhabi. This would be the first initial public offering of its kind in the area.

According to those with knowledge of the situation, the Bahrain-based investor has begun preliminary planning with advisers for an IPO of the vehicle that would include some holdings in its - primarily worldwide - assets.

According to the people, who asked not to be named because the information is private, the company is collaborating on the sale with First Abu Dhabi Bank, Emirates NBD, Goldman Sachs Group, and Moelis & Co. A listing may take place as early as this year.

The people stated that discussions are still in the early stages and that the specifics of a prospective agreement are still being worked out. According to them, Investcorp is also thinking about other locations for the listing.

The Middle East is experiencing a surge in listing activity that is being supported by high oil prices and government initiatives to sell ownership interests in assets to finance the transition away from fossil fuels. Half of all revenues in Europe, the Middle East, and Africa were raised through listings in the area last year, raising little under $23 billion.

According to Sameh Al Qubaisi, director general of economic affairs at the emirate's department of economic development, at least eight companies are anticipated to list in Abu Dhabi this year. As it earned $2.5 billion through the initial public offering of its petrol business last week, Abu Dhabi National Oil Co. accomplished the largest listing in history so far this year.

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