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.
Source: First Middle Eastern SPAC Raises 0M in PIPE Financing