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Abu Dhabi’s sovereign fund continues its India industrial wager
The Abu Dhabi Investment Authority (Adia) participated in yet another Indian IPO, receiving around 7.2% (equivalent to 236k shares) of Rajasthan-based precision equipment manufacturer KRN Heat Exchanger ’s qualified institutional placement, as per an exchange filing (pdf).
About the offering: The firm raised a total of INR 3.5 bn (USD 36.8 mn) from the offering, drawing participation from WhiteOak Capital and Bank of India Mutual Fund. The company allotted 3.3 mn shares at INR 1k apiece, nearly 5x its IPO price of INR 220 in October 2024.
Why KRN? The firm manufactures fin-and-tube heat exchangers used in ACs, refrigeration, and industrial cooling systems — positioning it to benefit from rising demand for cooling equipment linked to data centers, manufacturing expansion, and climate-control infrastructure.
It fits within Adia’s push into the infrastructure layer underpinning the global AI buildout. The fund previously invested USD 500 mn in AlphaGen, a US power infrastructure portfolio of over 11 GW specifically structured to support data centers, and took a stake in Landmark Dividend, a digital infrastructure real estate company with data centers across major US markets.
Amman Stock Exchange is now on Tabadul
Jordan’s Amman Stock Exchange (ASE) is now linked to the ADX via its cross-market trading platform, Tabadul, according to a statement. The move allows investors to access and directly trade on both bourses through Tabadul, and streamlines settlement and custody across jurisdictions, paving the way for dual listings. The stock exchanges agreed to establish the electronic link back in 2024.
ASE is one of seven exchanges on Tabadul, alongside the Armenia Securities Exchange, Bahrain Bourse, Muscat Securities Market, Astana International Exchange, Kazakhstan Stock Exchange, and the ADX. The ADX had been planning to add two more last year.
Dubai’s ins. hub keeps getting bigger
Allied World Assurance Co. opened a new office in DIFC, according to a press release. The global ins. and reins. group said the Dubai base will allow it to work more directly with brokers and clients across the Middle East.
DATA POINT- DIFC said more than 135 ins.-related firms now operate from the center across underwriting, broking, reins., captives, and specialist risk-transfer activities.
