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.