Abu Dhabi state-owned ADQ and Chimera Investments have established a special purpose acquisition company (SPAC), which is expected to raise nearly $100 million dirhams through a share sale. 

The SPAC, called ADC Acquisition Corporation, was set up by ADQ through its Alpha Oryx special purpose vehicle and Chimera. It is the UAE’s first SPAC on the Abu Dhabi Securities Exchange. 

The SPAC intends to identify and combine one or more businesses, especially scalable entities that have strong management teams. 

ADC plans to raise 367 million dirhams through an initial public offering (IPO) of 36.7 million shares at an offer price of 10 dirhams per share. 

The shares will be sold to retail and professional investors in a public subscription in the UAE and listed on the ADX. 

(Writing by Cleofe Maceda; editing by Seban Scaria )