Clifford Chance

Clifford Chance advises on US$451 million Investcorp Capital IPO and listing on the Abu Dhabi Securities Exchange

Leading international law firm Clifford Chance has acted as international issuer’s counsel to Middle East alternative asset manager Investcorp Capital plc (Investcorp) on its initial public offering (IPO) and listing on the Abu Dhabi Securities Exchange (ADX). The IPO raised approximately US$451 million from the offering of about a third of the Company's shares resulting in an implied market capitalisation for the Company of approximately AED5.04 billion (equivalent to approximately US$1.37 billion).

The Investcorp IPO is the first business of its kind and one of the first private sector companies to apply for listing on the ADX through a capital raising transaction which presented unique structuring and regulatory challenges that required significant innovation, including the use of price stabilisation which is the first IPO in the UAE to feature this mechanism.

Founded in 1982, Investcorp Group is a leading manager of alternative investments with approximately US$50 billion of assets under management across a diverse and global investment portfolio comprising private equity, real estate, infrastructure, credit management, and strategic capital, and including investments in luxury goods brands such as Gucci and Tiffany & Co,.

A cross-border team advised on the transaction, led by Dubai-based partner and head of the Middle East ECM practice, Mike Taylor, who was supported by US securities partner Drew Rundus (London), ECM partner Christopher Roe (London), corporate/regulatory partner Jack Hardman (Dubai), UK financial services regulatory partner Paul Ellison (London), senior associates Rezwan Azam (Dubai) and Sarah Butler (London), associates Massimiliano Valli (Dubai), Mathias Toubiana (London), Radhika Sharma (London), Ismaila Ngum (Dubai), and US securities associate Jake Ducharme (London). Additional specialist transaction support was provided by partner and head of the firm's London Tech//Digital group and Global Outsourcing practice André Duminy, senior associates Claudia Hall (London) and Jamie Andrew (London), associate Alex Dixey (London) and trainee solicitor Aaron Gelfand (London).

Clifford Chance has a track record of advising on the region's largest and most innovative capital market transactions, including Americana Restaurants' landmark US$1.8 billion IPO and dual-listing, DEWA's US$6 billion IPO, and on the establishment of a UAE dirhams Treasury Bonds Programme by the Federal Government of the United Arab Emirates, acting through the Ministry of Finance.