Investcorp positions IPO launch

Investcorp, the Bahrain-based alternative asset manager, will start meeting with investors as soon as this week for its planned $600 million initial public offering of its Abu Dhabi-based investment vehicle, Bloomberg reports, citing sources familiar.

Why it matters: Investcorp has invested in luxury companies such as Tiffany & Co. and Gucci, and the IPO of its vehicle will become a pace-setter for the rest of the Middle East region, which has had a boom in IPOs since 2021.

What’s happening: The IPO could come as soon as September, per Bloomberg.

Details: The company is working with HSBC Holdings on the proposed offering.

• Goldman Sachs, First Abu Dhabi Bank, Emirates NBD and Moelis & Co. have also been working on the deal, Bloomberg reported earlier this year.
• HSBC declined to comment to Axios.

Flashback: The company delisted from the Bahrain stock exchange in 2021 after nearly four decades due to low trading volumes.

Context: Listing activity in the Middle East has since slowed due to lower oil prices and recession concerns.

• Still, the region is the second largest IPO market, representing 27% of all IPOs globally, according to an EY IPO report.

What’s next: “After a slow start to the year, IPO activity could rebound in the second half,” Martin Steinbach, EY’s EMEIA IPO leader, said in the report.

• “With major risk factors fading, volatility back to a reasonable level, and interest rate hikes priced in, IPO-bound companies are seeking the right window with higher market liquidity.”

Representatives from Investcorp didn’t immediately respond to a request for comment.