Abu Dhabi investment fund’s SPAC secures $200 Million through PIPE financing
1 min
ADC Acquisition Corp., UAE's First SPAC, secures $200 Million via PIPE funding.
ADC announces groundbreaking merger with Abu Dhabi's United Printing & Publishing.
After a successful IPO, ADC issued new shares in a landmark SPAC merger with UPP.
ADC Acquisition Corp., supported by ADQ, the UAE's inaugural particular purpose acquisition company (SPAC), has garnered AED734 million ($200 million) through its private investment in public equity (PIPE) endeavor.
The firm disclosed on the Abu Dhabi Securities Exchange (ADX) this Wednesday that the total gross demand surpassed AED8 billion. This indicates that a factor of over ten oversubscribed the offering.
ADC is a pioneering SPAC collaboration between Abu Dhabi's wealth fund, ADQ, and the private investment entity, Chimera Investments. This PIPE funding coincided with the region's debut SPAC merger.
In recent news, ADC announced plans to combine with the Abu Dhabi-centric entity, United Printing & Publishing (UPP).
ADC will allocate subscribers of the PIPE 734 million new Class A shares at an issue price of AED10 each.
Simultaneously, with the merger proceedings, ADC plans to release 62.3 million new Class A shares priced at AED10 each to ADQ, marking the acquisition of UPP.
Post-merger, ADQ will remain the primary shareholder in the merged entity.
ADC began its trading journey on ADX the previous year after an initial public offering that accrued just over $99 million.
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