The Middle East’s first SPAC raises $200 million in PIPE financing

The Middle East’s first listed blank check company has completed a Dh734 million ($200 million) fundraising following a recent merger with an ID card printing company.

ADC Acquisition Corp.supported by Chimera investments and the Abu Dhabi heritage fund ADQ, raised the funds through a private investment in public equity (PIPE), financing that was more than 10 times oversubscribed. Total demand from qualified and institutional investors exceeded Dh8 billion, according to a statement Wednesday.