The bottom end of the price range for Middle East alternative asset manager Investcorp Capital's public offering of its investment vehicle was revised upward, according to a bookrunner on Wednesday.

The price range is now between 2.22 dirhams and 2.30 dirhams per share for a total offering between 1,427 million dirhams ($388.52 million) and 1,479 million dirhams, according to the bookrunner.

The price range was previously set at 1.90 dirhams to 2.30 dirhams per share, Investcorp said last week.

The shares are expected to be priced on Nov. 17 on the Abu Dhabi Securities Exchange, the bookrunner said. Investcorp could raise up to $403 million with an equity valuation of up to $1.37 billion.

Investcorp said last week that IVC Strategic Investment, a special purpose vehicle, signed up as a cornerstone investor in the IPO with a commitment of roughly $250 million.

Founded in 1982, Investcorp is best known globally for listing luxury goods brands such as Gucci and Tiffany & Co, but it has increasingly branched out into other sectors. ($1 = 3.6729 UAE dirham)

(Reporting by Maria Ponnezhath in Bengaluru; Editing by Chris Reese and Leslie Adler)