Citigroup Resumes Work on Investcorp Capital’s Abu Dhabi IPO - Bloomberg
Citigroup Inc. has returned to working on Investcorp Capital Plc’s initial public offering in Abu Dhabi, after it earlier had to stop that work because it couldn’t get internal approval to participate in the sale, according to people familiar with the matter.
The move comes just weeks after Citigroup, along with rival Goldman Sachs Group Inc., had to stop its work on the IPO after the Abu Dhabi bourse had requested that the IPO have a price stabilization mechanism once the stock start trading.
When Citigroup and Goldman originally stopped their work on the deal, none of the lead banks wanted to take on the role of a price stabilization agent as such a mechanism remains in gray area under UAE law. Another broker was brought on to do it.
Representatives for Citigroup and Investcorp declined to comment.
Emirates NBD Capital, First Abu Dhabi Bank PJSC and HSBC Holdings Plc are working on the IPO as joint global coordinators.
Investcorp Capital Plc and Investcorp Holdings, its parent, are seeking to raise as much as 1.49 billion dirhams ($403 million) in the IPO. The offering was covered across the price range on the first day of bookbuilding, with about $250 million being taken up by a special purpose vehicle as a cornerstone investor.
Investcorp Capital invests in private equity, real estate, credit and general partner positions in North America, Europe, the Middle East and Asia.
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