Sunday 3 July 2022

ADC Acquisition Corporation to open IPO on May 12

ABU DHABI, May 10, 2022

ADC Acquisition Corporation (ADC), the UAE’s first special purpose acquisition company (SPAC), today announced that its Initial Public Offering (IPO) subscription period will start on May 12 and run until May 19, 2022.
Shares will be available for purchase to retail and professional investors in a public subscription in the UAE and listed on the Abu Dhabi Securities Exchange (ADX). The company aims to raise AED367 million through the IPO. ADC will float 36.7 million shares on ADX with an offer price of AED10 per share, said a statement. 
Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ and Chairman of ADC, commented: “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. The formation of ADC Acquisition Corporation supports that objective, and we are also excited by the prospect of retail and institutional investors from the UAE being able to partake in this long-term strategy for unlocking the UAE’s growth potential.” 
Syed Basar Shueb, Chairman of Chimera Investments and Vice Chairman of ADC, said: “With the upcoming IPO on ADX, ADC becomes the first SPAC to be based and listed in the UAE. 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.”  
As the UAE’s first SPAC, ADC aims to focus on businesses that are based or have their main operations across the Middle East and North Africa (MENA) region. While ADC is open to pursuing an acquisition opportunity across industries and sectors, the SPAC will particularly look 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, said the statement. – TradeArabia News Service


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