UAE’s SHUAA Capital introduces $100mn SPAC on NASDAQ

By Salma C, Intern Reporter
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SHUAA Capital
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Dubai-based SHUAA Capital has successfully completed an initial public offering (IPO) of 10,000,000 units of its newly incorporated blank check company SHUAA Partners Acquisition Corp I at $10 per unit.

The $100 million Special Purpose Acquisition Company (SPAC) will be listed on the NASDAQ Global Marketplace and begin trading under the ticker symbol ‘SHUAU’.

SHUAA Partners Acquisition Corp I is incorporated to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.

Each unit issued in the IPO contains 1 Class A common share and half of a redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share for $11.50 per share after the realization of a business combination. Only whole warrants will be exercisable.

The company will focus on identifying and merging technology-based/enabled financial services businesses in the Middle East, North Africa, and Turkey (MENAT). The company is sponsored by a wholly-owned subsidiary of SHUAA, which recently led the successful listing of Anghami, the first Arab technology company in NASDAQ, through a similar SPAC transaction.

The ultimate goal will benefit from SHUAA’s unparalleled management and structural capabilities, as well as direct access to capital providers through SHUAA’s network owned by leading institutions, family offices, and high net worth investors across the MENAT region.

The company’s IPO represents an exciting opportunity for technology and tech-enabled financial services businesses in the MENAT sector to seek access to high liquid, affordable capital markets to finance their growth and finance their geographical expansion.

SPACs listed on NASDAQ also provide “acquisition currency”, which is very important for technology and tech-enabled financial services businesses aiming to expand through acquisitions, where they can fund transactions through issuing shares listed on one of the world’s most liquid and recognized stock exchanges.

Mr. Fawad Tariq Khan, Managing Director and Head of Investment Banking at SHUAA, and CEO of SHUAA Partners Acquisition Corp l stated that “Following SHUAA’s participation in the Anghami de-SPAC transaction, we are excited to announce the launch of our own SPAC vehicle, which will be focused on technology and/or tech-enabled financial services businesses based out of the MENAT region.”

Related: Saudi’s Nahdi Medical Company plans IPO & listing of its shares on Tadawul