SHUAA Capital, asset management and investment banking platform in the region, today announced the successful pricing of the initial public offering (IPO) of 10,000,000 units of SHUAA Partners Acquisition Corp I at US$10.00 per unit.
The $100 million Special Purpose Acquisition Company (SPAC) will be listed on NASDAQ Global Market (NASDAQ) and will start trading under the ticker symbol (SHUAU) starting today, 2nd March 2022.
Each unit issued in the IPO consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share after the consummation of a business combination. Only whole warrants will be exercisable.
The Company will focus on identifying and merging with technology and/or tech-enabled financial services businesses based in the Middle East, North Africa, and Turkey (MENAT) region. The Company is sponsored by a wholly-owned subsidiary of SHUAA, which recently led the successful listing of Anghami, the first Arab technology company on NASDAQ, via a similar SPAC transaction.
The eventual target will benefit from SHUAA's unparalleled execution and structuring capabilities and direct access to capital providers through SHUAA's proprietary network of leading institutional, 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 region to reach the high-growth stage and seek access to highly liquid and affordable capital markets to fund their growth and geographic 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 are able to fund transactions through issuing shares listed on one of the world's most liquid and recognized stock exchanges.
Fawad Tariq Khan, Managing Director and head of investment banking at SHUAA, and CEO of SHUAA Partners Acquisition Corp I, said,
"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."
News Source: Emirates News Agency
