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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