Abu Dhabi Developmental Holding Company (ADQ) and investment firm Chimera Capital have launched a special purpose acquisition company (SPAC) to raise AED 367 million, Reuters reported on April 12th.

The new SPAC, ADC Acquisition Corporation, is set to be listed on the Abu Dhabi Securities Exchange (ADX), the international news agency said.

The stock will be offered at AED 10 per share. Date of the offering has not yet been set.

SPACs raise money for acquisitions of private companies to prepare them for public offerings.