The owners of the first special purpose acquisition company in Abu Dhabi said the company went public today, Friday, and raised $ 100 million (Dirhams 367 million) from the sale of shares.
A statement says that ADC, which is owned by the state (holding) and Chimera Investment Company, will strengthen the business expandable with strong team management and will acquire one or more companies.
ADC share was traded at 10.50 dirhams, in increase over the offer price of 10 dirhams.
Saeed Al Dhaheri, CEO of Abu Dhabi Securities Exchange, said: “We currently have a long list of new listings and public offerings. in preparation and in the coming months we intend to introduce more innovative products and services to improve market liquidity “.
Last January, the Securities and Commodities Authority in the Emirates approved a regulatory framework for special purpose acquisition companies, more commonly known as SPAC.
These companies raise funds to acquire a private company for the purpose of a public offering, allowing it to go public more quickly on the stock markets than a traditional initial public offering.
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