- ADC Acquisition Corporation, the first special purpose acquisition company (SPAC) in the UAE backed by ADQ, has successfully secured AED734 million ($200 million) through its private investment in public equity (PIPE) bookbuild. The company disclosed that the total gross demand exceeded AED8 billion, indicating an oversubscription of over ten times.
- ADC is the inaugural SPAC established by Abu Dhabi's wealth fund, ADQ, in collaboration with private investment firm Chimera Investments. This PIPE subscription coincided with the region's first-ever SPAC merger. Last month, ADC entered into an agreement to merge with United Printing & Publishing (UPP), based in Abu Dhabi.
Why it matters
ADC is set to issue 734 million new Class A shares at a per-share price of AED10 for PIPE subscribers. Concurrently, as part of the SPAC merger, ADC plans to issue 62.3 million new Class A shares at an issue price of AED10 each to ADQ, serving as consideration for the transfer of UPP.
