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Abu Dhabi's first SPAC lists after raising about $100 mln

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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.

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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.

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