ADQ, Abu Dhabi-based investment and holding company, and Chimera Investment, Abu Dhabi-based private investment firm, announced today that shares and warrants of their co-established SPAC, ADC Acquisition Corporation, starts trading on the Abu Dhabi Securities Exchange (ADX).
ADC was established by ADQ and Chimera Investment as a SPAC for the purpose of identifying and acquiring one or more businesses. ADC searches for acquisition opportunities and intends to identify scalable businesses with strong management teams.
Trading follows the conclusion of ADC’s public subscription to retail and professional investors, which started on 12 May 2022 and raised a total of AED 367 million through an initial public offering (IPO) of 36.7 million shares at an offer price of AED 10 per share.
“The successful listing of ADC on ADX is firmly in line with the UAE’s vision and strategy to develop new asset classes for investors and reaffirms our commitment to playing a leading role in the development of the country’s capital markets. 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, stated.
ADC’s listing offers target businesses the opportunity to access capital in Abu Dhabi’s capital markets using an alternative method to the conventional IPO process. Additionally, these companies will also benefit from ADQ and Chimera Investment’s multi-sector expertise and combined network.
ADC is the UAE’s first SPAC and aims to focus on businesses that are based or have their main operations within the UAE and across the Middle East and North Africa (MENA) region. While ADC is open to pursuing an acquisition opportunity across industries and sectors, the SPAC is particularly looking for scalable businesses with revenue streams that are underpinned by numerous growth drivers with solid long-term fundamentals, transformational technologies, experienced management teams and attractive pricing which would provide upside potential and benefit from public market access.
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