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Highlights
- The company’s shares and warrants will commence trading on the ADX main exchange from May 27
- The UAE’s first Special Purpose Acquisition Company (SPAC) will aim to identify and acquire one or more high-growth, high potential businesses in the MENA region
- The listing positions ADX at the forefront of regional financial markets
ADQ, an Abu Dhabi-based investment and holding company, and Chimera Investment, a leading Abu Dhabi-based private investment firm managing a diversified portfolio of listed and unlisted equities on both local and international markets, announced today that shares and warrants of the co-established SPAC, ADC Acquisition Corporation PJSC (ADC), commences trading on the Abu Dhabi Securities Exchange (ADX) under ticker code ‘ADC’ (shares) and ‘ADCW’ (warrants).
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.
ADC was established by ADQ, through its Alpha Oryx special purpose vehicle, and Chimera Investment as a SPAC for the purpose of identifying and acquiring one or more businesses. In its search for acquisition opportunities, ADC intends to identify scalable businesses with strong management teams.
The listing of ADC 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 vast multi-sector expertise and combined network.
As the UAE’s first SPAC, ADC 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 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.
ADX was the first market in the region to introduce comprehensive listing rules under the regulatory framework for SPAC, which was issued by the UAE’s Securities and Commodities Authority (SCA) in February 2022.
About ADQ
Established in 2018, ADQ is an active global sovereign investor with a focus on critical infrastructure and supply chains. As a strategic partner to the Government of Abu Dhabi, ADQ invests in the growth of business platforms anchored in the Emirate that deliver value to local communities and long-term financial returns to its shareholder. ADQ’s expanding portfolio has a total book value of USD 225 billion (as at 30 June 2024) and encompasses companies across numerous core sectors of the economy, including energy and utilities, transport and logistics, food and agriculture, and healthcare and life sciences.
For more information, visit adq.ae or write to media@adq.ae. You can also follow ADQ on Instagram, LinkedIn, and X.
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