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Investcorp Capital Plc, the Abu Dhabi Global Market-based alternative investor has increased the size of its IPO offering to 32.85% of the share capital from the initially planned 29.34%.
The price range, previously announced at 1.90 dirhams ($0.51) to AED 2.30, has now been tightened towards the upper level of the range to AED 2.22 to AED 2.30, the firm said in a statement on Thursday. The final offer price is expected to be announced on November 10.
Citigroup Global Markets Limited and Goldman Sachs International has joined the consortium as joint global coordinators and joint bookrunners.
The company will now offer 720 million ordinary shares, followed by a listing on the Abu Dhabi Securities Exchange (ADX).
The subscription period for the first tranche of the offering, which was oversubscribed, ended on 8 November 2023, while the period for the second tranche will close on 9 November.
(Writing by Brinda Darasha; editing by Seban Scaria)
