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Abu Dhabi’s first SPAC lists, raising $100m from share sale

ADC, owned by Abu Dhabi state investor ADQ and Chimera Investment, will identify scalable businesses with strong management teams Unsplash
ADC, owned by Abu Dhabi state investor ADQ and Chimera Investment, will identify scalable businesses with strong management teams

Abu Dhabi’s first special-purpose acquisition company listed today, raising $100 million in the share sale, its co-owners said.

ADC, owned by state investor ADQ and Chimera Investment, will identify scalable businesses with strong management teams and acquire one or more businesses, the statement said.

Shares of ADC were trading at 10.50 dirhams, up from an offer price of 10 dirhams.

The UAE Securities and Commodities Authority in January approved a regulatory framework for blank-check firms, more commonly known as SPACs.

They raise money to acquire a private firm with the purpose of taking it public, allowing the target to list more quickly on share markets than via traditional initial public offerings.