UAE-based Shuaa Capital has announced the successful pricing of the initial public offering (IPO) of 10,000,000 units of Shuaa Partners Acquisition Corp I.
The asset management and investment banking platform said the $100 million Special Purpose Acquisition Company (SPAC) is listed on NASDAQ Global Market.
The company said it 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 music streaming major Anghami, the first Arab technology company on Nasdaq, via a similar SPAC transaction.
Shuaa said the 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 expansion.
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.”
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