ADQ, Chimera Investments to launch UAE’s first Spac on ADX

  • Date: 13-Apr-2022
  • Source: The Gulf Time
  • Sector:Economy
  • Country:UAE
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ADQ, Chimera Investments to launch UAE’s first Spac on ADX

















Local News, News, Uncategorized















Abu Dhabi / WAM

ADQ, an Abu Dhabi-based investment and holding company, and Chimera Investments, an Abu Dhabi-based private investment firm managing a diversified portfolio of listed and unlisted equities on both local and international markets, announced on Tuesday they have established ADC Acquisition Corporation PJSC (ADC), the UAE’s first Special Purpose Acquisition Company (SPAC).

ADC plans to raise AED367 million through an Initial Public Offering (IPO) of 36.7 million shares at an offer price of AED10.00 per share. Shares will be sold to qualified retail and professional investors in a public subscription in the UAE and listed on the Abu Dhabi Securities Exchange (ADX).

ADC was established by ADQ, through its Alpha Oryx special purpose vehicle, and Chimera Investments as a SPAC for the purpose of identifying and combining one or more businesses. In its search for acquisition opportunities, ADC intends to identify scalable businesses with strong management teams.

The launch of ADC will offer target businesses an opportunity to access capital in Abu Dhabi’s capital markets through a faster, less expensive alternative to the traditional IPO method. These companies will also benefit from access