Much anticipation surrounded the launch of the IPO of Investcom Holdings in the Middle East. While the Lebanese company did not have any major assets in the GCC or the Levant, it benefited from a high profile due to the political heritage of its main shareholders, as well as its presence at a number of high profile auctions in Europe and Africa. An initial assessment of the IPO’s success and investor response should have been very positive, underpinned by an eight times oversubscribed offering. Such a response to the offering was not surprising, given the plethora of high-net-worth GCC investors and institutions seeking to benefit from Investcom’s strong economic performance. Coupled with the buoyant equity markets in the region, subscription applications were running out at various receiving banks across the region. Lebanese and regional banks were able to satisfy investor demands, as the lead bookrunners and receiving banks mobilized large
