Bahrain’s Investcorp will offer 400 million fresh shares to the firm's shareholders at an issue price of 6.42 Emirati dirhams ($1.75) per share. Subscription will begin on November 30 and will close on December 15.
Managed by a group of strategic underwriters, the issue is expected to raise $700 million. Investcorp's regular shares will be suspended from the Bahrain Stock Exchange until the subscription is completed.
During the subscription period, shareholders will be able to purchase one share for each of their existing ordinary shares. Shares that are not sold will fall into the hands of an underwriting group.
The offer price was chosen with various market conditions and other factors in mind, including the recent 18-month rolling average share price, net book value inclusive of fair market value adjustments on the firm's investment portfolio, peer comparisons and the valuation derived from a discounted cash flow analysis, reported Gulf News.
Investcorp is a global investment group with offices in Bahrain, London and New York. The firm is involved in corporate investment, real estate investment, asset management and technology investment. It was established in 1982 and has since completed transactions with an aggregate value of approximately $20 billion. — (menareport.com)
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