Abu Dhabi’s SPAC Secures $200 Mn In Pipe Financing


Backed by Chimera Investments and Abu Dhabi Wealth fund ADQ, ADC Acquisition Corporation, the first special purpose acquisition company (SPAC) in the UAE, raised USD 200 million from its private investment in public equity (PIPE) bookbuild.

ADC Acquisition and the Abu Dhabi wealth fund ADQ, secured these funds through a Private Investment in Public Equity (PIPE) offering, which experienced overwhelming demand.

Media reports revealed that the PIPE offering garnered more than 10 times the anticipated interest, with qualified and institutional investors expressing a combined interest that exceeded AED eight billion.

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