Shuaa lists $100m Spac on Nasdaq New York

Shuaa lists $100m Spac on Nasdaq New York

Dubai-based investment bank Shuaa Capital launched a $100 million initial public offering of the first of its three planned special purpose acquisition companies on Nasdaq New York on Wednesday.

The company listed 10 million units of Shuaa Partners Acquisition Corp I at a price of $10 per unit, and the Spac will start trading under the ticker symbol 'SHUAU' from March 2, Shuaa said in a statement to the Dubai Financial Market, where its shares trade.

Each unit issued in the IPO consists of one Class A ordinary share and one-half of a redeemable warrant, where each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 after the consummation of business combination. Only whole warrants will be exercisable.

“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 Middle East, North Africa and Turkey region," said Fawad Khan, managing director and head of investment banking at Shuaa and chief executive of Shuaa Partners Acquisition Corp I.