Shares in Investcorp Capital Plc, which began trading on the Abu Dhabi Securities Exchange on Friday, rose as much as 4.4% in early trade before paring gains.

The stock opened flat at the offer price of 2.30 dirhams ($0.62) before climbing to AED2.40, according to LSEG data. Since then, it has pared most gains and was trading at AED 2.25 shortly before noon local time.

The Middle East alternative asset manager listed its shares on ADX following a $451 million IPO earlier this month.

(Writing by Brinda Darasha; editing by Seban Scaria)