ADC Acquisition Corporation (ADC), is due to commence 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 May 12. The company raised a total of AED367 million through an initial public offering (IPO) of 36.7 million shares at an offer price of AED10 per share.
ADC was established by ADQ and Chimera Investment as a SPAC to identify and acquire 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. These companies will also benefit from ADQ and Chimera Investment’s multi-sector expertise and combined network.