Abu Dhabi's first special-purpose acquisition company listed on Friday, raising $100 million in the share sale, its co-owners said.
ADC, owned by state investor ADQ and Chimera Investment, will identify scalable businesses with strong management teams and acquire one or more businesses, the statement said.
For all the latest headlines follow our Google News channel online or via the app.
Shares of ADC were trading at 10.50 dirhams, up from an offer price of 10 dirhams.
The UAE Securities and Commodities Authority in January approved a regulatory framework for blank-check firms, more commonly known as SPACs.
They raise money to acquire a private firm with the purpose of taking it public, allowing the target to list more quickly on share markets than via traditional initial public offerings.
Read more:
Abu Dhabi’s Borouge $2 billion IPO to attract BlackRock, Fidelity
UAE top lender FAB posts record profit helped by stake sale
Private school operator Taaleem picks banks for Dubai IPO