Gulf Capital, an Abu Dhabi-based private-equity firm, hired Bank of America Corp. as the main financial adviser on its planned initial public offering, according to two people with knowledge of the matter.
The U.S. lender’s Merrill Lynch unit is lead arranger and book-runner on the IPO, the first listing of a buyout firm in the United Arab Emirates, the people said, asking not to be identified as the information is private. National Bank of Abu Dhabi PJSC, the country’s biggest lender, will help distribute the IPO locally as co-arranger, according to the people.
The private-equity firm plans to go public by the end of the year, three people with knowledge of the matter said in July. Companies in the region are weighing sales to take advantage of a rally in stock markets, with Dubai’s main index up 42 percent this year. Emaar Properties PJSC, owner of the world’s biggest mall, plans to sell 25 percent of its shopping center business on the Dubai Financial Market, it said May 26.
Gulf Capital sold part of its stake in Gulf Marine Service Plc (GMS) through a London listing that raised 179 million pounds ($306.5 million) in March. Bank of America was the global coordinator and book-runner for the IPO with Barclays Plc. The U.S. lender is also a book-runner on Emaar’s malls listing.
Representatives of Gulf Capital weren’t immediately available for comment, while Bank of America and National Bank of Abu Dhabi declined to comment.
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