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UAE's first SPAC ADC Acquisition starts trading on ADX

May 28, 2022
finance & economy

The company, which launched its public offer on May 12, raised $100mln by offering 36.7mln shares at AED 10 apiece

ADC Acquisition Corporation, the UAE's first SPAC, has started trading on Abu Dhabi's ADX from today.

The company, which launched its public offer on May 12, raised AED 367 million ($99.9 million) by offering 36.7 million shares at AED 10 apiece. It aims to identify and acquire one or more high-growth businesses in the MENA region.

Chimera Investment and Alpha Oryx are the founders of ADC. The Chairman of ADC is Mohamed Hssan Al Suwaidi, while Seif Fikry is CEO and Executive Director.

'Through ADC, we will be able to channel liquidity to regional businesses, provide swift and cheaper access to capital markets, and offer investors the ability to tap into this new and highly dynamic space in the UAE while enjoying greater transparency and world-class operational and market expertise.” Syed Basar Shueb, Chairman of Chimera Investment and Vice Chairman of ADC, said.

ADX is the first market in the region to introduce comprehensive listing rules under the newly formed regulatory framework for SPACs issued by the UAE’s Securities and Commodities Authority (SCA).

According to Saeed Hamad Al Dhaheri, Managing Director and CEO of ADX, its pipeline of new listings and IPOs remains robust and will introduce more innovative products and services to enhance market liquidity in the coming months.

zawya

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