UAE - Mubasher: ADC Acquisition Corporation (ADC), the UAE’s first special purpose acquisition company (SPAC), has announced the subscription period of its initial public offering (IPO) on 12-19 May 2022.
To be listed on the Abu Dhabi Securities Exchange (ADX), the company will offer its shares to retail and professional investors, according to a press release on Tuesday.
ADC will float 36.7 million shares on ADX with an offer price of AED 10 per share, seeking to secure AED 367 million through its IPO listing.
In April, ADQ and Chimera Investments established ADC to search for acquisition opportunities across industries and sectors.
The Managing Director and CEO of ADQ and Chairman of ADC, Mohamed Hassan Alsuwaidi, said: "ADQ is committed to expanding the breadth of Abu Dhabi’s capital markets by creating opportunities for private companies to leverage its unique investment platform and footprint."
Meanwhile, the Chairman of Chimera Investments and Vice Chairman of ADC, Syed Basar Shueb, commented: "This will facilitate quicker access to capital and operational expertise, result in lower fees, more transparency, and allow investors across the region the opportunity to tap into a highly dynamic and fast-growing new space within the UAE’s capital markets landscape."
