First Middle Eastern SPAC Raises $200M in PIPE Financing

The first blank-check company to list in the Middle East completed a 734 million-dirham ($200 million) fundraising following a recent merger with an identification card printing company.

ADC Acquisition, backed by Chimera Investments and Abu Dhabi wealth fund ADQ, raised the funds via a PIPE  that was oversubscribed by more than 10 times. Total demand from qualified and institutional investors exceeded 8 billion dirhams, Bloomberg reports.

ADC raised $99 million in a May 2022 IPO. Read more.

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