UAE - Mubasher: ADQ and Chimera Investments, an Abu Dhabi-based private investment company, have launched ADC Acquisition Corporation (ADC), the UAE’s first Special Purpose Acquisition Company (SPAC).

ADC plans to launch an initial public offering (IPO) at an offer price of AED 10 per share to list 36.7 million shares on the Abu Dhabi Securities Exchange (ADX), according to a press release on Tuesday.

Seeking to raise AED 367 million through IPO, the company will become the UAE’s first SPAC on ADX.

ADC was created by ADQ through its Alpha Oryx special purpose vehicle and Chimera as a SPAC to identify and combine one or more businesses and enable target businesses to have access to Abu Dhabi’s capital markets.

The Managing Director and CEO of ADQ and Chairman of ADC, Mohamed Hassan Alsuwaidi, said: "Through ADC, we are creating a desirable investment structure in the UAE that is well-positioned to identify and consolidate target companies through a differentiated approach, providing private companies a new route to funding from public markets and investors with access to an innovative investment product."

Meanwhile, the Chairman of Chimera Investments and Vice Chairman of ADC, Syed Basar Shueb, commented: "With the launch and listing of ADC, Chimera aims to capitalize on ADX’s newly-issued SPAC regulations, offering investors faster access to capital, higher transparency, and lower fees."