Abu Dhabi holding company ADQ and Abu Dhabi-based Chimera Investments have established the UAE’s first special purpose acquisition company (Spac).

Known as ADC Acquisition Corporation, the company plans to raise AED367m ($100m) through an initial public offering (IPO) of 36.7 million shares at an offer price of AED10 a share. Shares will be sold to qualified retail and professional investors in a public subscription in the UAE and listed on the Abu Dhabi Securities Exchange (ADX).

ADC was established by ADQ, through its Alpha Oryx special purpose vehicle, and Chimera Investments as a Spac for the purpose of identifying and combining one or more businesses. In its search for acquisition opportunities, ADC intends to identify scalable businesses with strong management teams.

Mohamed Hassan Alsuwaidi, managing director and CEO of ADQ, will be chairman of ADC. Syed Basar Shueb, chairman of Chimera Investments, will be vice chairman of ADC.

The listing is subject to market conditions and customary approvals.

Chimera Investments is part of Abu Dhabi’s Royal Group. The chairman of Royal Group is UAE national security adviser Sheikh Tahnoon bin Zayed al-Nahyan. He is also the chairman of ADQ.

ADX was the first market in the region to introduce comprehensive listing rules under the regulatory framework for Spacs, which was issued by the UAE’s Securities and Commodities Authority (SCA) in February 2022.

ADX is part of ADQ.