• The region’s first-ever SPAC merger related PIPE fundraising registers overwhelming demand, raising AED 734 million with over 10x oversubscription, resulting in total gross demand exceeding AED 8 billion, from leading qualified and institutional investors

Abu Dhabi, UAE: ADC Acquisition Corporation PJSC (“ADC”), the UAE’s first Special Purpose Acquisition Company (“SPAC”), established by ADQ and Chimera Investments, announced today the successful completion of the PIPE (Private Investment in Public Equity) bookbuild, raising AED 734 million with total gross demand in excess of AED 8 billion, implying an oversubscription of over 10 times. The PIPE offer drew strong demand from qualified and institutional investors.

The successful completion of the PIPE subscription, which is being executed alongside the first-ever SPAC merger in the Middle East, follows the announcement on 19th September 2023 of ADC having entered a business combination agreement with Abu Dhabi-based United Printing & Publishing Sole Proprietorship LLC (“UPP”). The business combination is subject to a shareholder vote which is expected to take place on the 12th of October 2023.

ADC will issue 73.4 million new Class A shares at a price of AED 10.00 per share to the PIPE subscribers. As part of the concurrent SPAC merger, ADC also intends to issue 62.3 million new Class A shares in ADC for an issue price of AED 10.00 per share to ADQ as consideration for the transfer of UPP. Post merger, ADQ will remain the single largest shareholder in the combined company. Upon completion, UPP will be well positioned, with AED 1.1 billion of proceeds from the SPAC and PIPE fundraising. The proceeds enable UPP to pursue organic and inorganic growth avenues, and the oversubscription demonstrates strong investor confidence in UPP’s equity story.

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About ADC Acquisition Corporation

ADC Acquisition Corporation PJSC was the first Special Purpose Acquisition Company (SPAC) to be listed in the UAE.

About UPP

Established in 2006 in Abu Dhabi, UAE, UPP is a leading company operating across three key segments: secure and commercial printing, distribution, and packaging. UPP has a strong track-record of utilizing best-in-class technology to create customized solutions for customers. Today, the company is expanding its services and capabilities in secure printing and packaging domains, further strengthening its position as an integrated services provider to customers including governments, enterprises and financial institutions.

Media enquiries
Ajith Henry
Head of FS & Capital Markets
FTI Consulting
Ajith.henry@fticonsulting.com

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