27 May

ADC Acquisition Corporation shares to start trading on ADX from Friday 27 May

The company’s shares and warrants will commence trading on the ADX main exchange.


  • 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.

“The UAE’s first SPAC represents a major endorsement of Abu Dhabi as a financial center anchored with strong market principles and capital raising potential. Not only will ADC strengthen Abu Dhabi’s capital markets, but private companies will also have the ability to capitalize on pursuing further transactions in an easier and much more efficient manner."

H.E. Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ and Chairman of ADC

“The successful listing of ADC on ADX is firmly in line with the UAE’s vision and strategy to develop new asset classes for investors and reaffirms our commitment to playing a leading role in the development of the country’s capital markets."

Syed Basar Shueb, Chairman of Chimera Investment and Vice Chairman of ADC

“The listing of ADC on the ADX highlights the pioneering role our exchange has taken in creating an environment that supports the evolving needs of issuers and investors. Harnessing global best practices, the UAE’s SPAC regulatory framework will provide international investors with unique growth opportunities in a stable economic environment."

Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of ADX

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 Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, healthcare and life sciences, and mobility and logistics, amongst others. As a strategic partner of Abu Dhabi’s government, ADQ is committed to accelerating the transformation of the Emirate into a globally competitive and knowledge-based economy.

For more information, visit adq.ae or write to media@adq.ae. You can also follow ADQ on Twitter, Instagram and LinkedIn.

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