Investcorp, the Bahrain-quoted alternatives group, completed its placing yesterday of $420 million global depository receipts on the London Stock Exchange at an offer price of $29 per receipt.
It gives Investcorp a market capitalisation of approximately $2.1 billion and should help raise the firm’s profile in Europe, one of its stated aims.
Investcorp’s common shares have a primary listing on the Bahrain Stock Exchange, albeit with limited trading, and closed at a price of $2,360 per share on 4 December 2006.
The Bahrain price is expected to converge with the trading price established in London.
The receipts were placed with a broad range of institutional investors across the UK, continental Europe and the US.
Conditional dealings started yesterday under the trading symbol IVC. Admission to the official list of the UK Listing Authority and commencement of unconditional dealings are expected to occur on Friday 8 December.
Citigroup and Credit Suisse are joint global co-ordinators, and have been granted an over-allotment option of up to 2.175 million receipts.
Middle Eastern investment firms, flush with petro-dollars, are increasingly targeting opportunities in Europe. This week Dubai International Capital, the Gulf state’s investment arm, entered exclusive negotiations to buy Liverpool Football Club.
Investcorp manages $10bn of assets across four sectors: private equity, venture capital, real estate and hedge funds and enjoyed record results this year.