Global law firm Clifford Chance has acted as international issuer’s counsel to Middle East alternative asset manager Investcorp Capital on its initial public offering (IPO) and listing on the Abu Dhabi Securities Exchange (ADX). 

 

The IPO raised approximately $451 million from the offering of about a third of Investcorp Capital's shares resulting in an implied market capitalisation for the company of AED5.04 billion ($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 at Bahrain, the Investcorp Group is a leading manager of alternative investments with approximately $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.

 

He 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).

 

In another development, Clifford Chance acted as lead counsel for Mitsui & Co on its investment in Wadi Poultry and related subsidiaries through a holding company incorporated in the Dubai International Financial Centre in the UAE. 

 

Wadi is an established integrated production business in Egypt, encompassing broiler production and processing, processed food manufacturing, the sale and distribution of these products and the procurement of feed grain.

 

The cross-border team was led by Tokyo corporate partner Natsuko Sugihara, with a core team in Tokyo and Dubai.

 

Counsel Masafumi Shikakura, senior associates Shunsuke Nagae and George Lau and associates Andrew Quaile and Machiko Ishii; led the Tokyo operations, while partner Jack Hardman, senior associates Gareth Dray and Mhairi Cruickshank and associates Massimiliano Valli, Ahmed Shafiek and Sami Rahim completed the work in Dubai.-TradeArabia News Service