SHUAA Capital psc (DFM: SHUAA), the leading asset management and investment banking platform in the region, has announced today the successful pricing of the initial public offering (“IPO”) of 10,000,000 units of SHUAA Partners Acquisition Corp I (the “Company”) at a price of USD 10.00 per unit. The USD 100 million Special Purpose Acquisition Company (“SPAC”) will be listed on NASDAQ Global Market (“NASDAQ”) and will start trading under the ticker symbol “SHUAU” today on March 02, 2022. Each unit issued in the IPO consists of one Class A ordinary share and one-half of one redeemable warrant, where each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of US$ 11.50 per share after the consummation of 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 MENAT that are reaching high-growth stage and seeking to access 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. SHUAA is the regional leader in this space and we will be leveraging our SPAC execution capabilities to find an exciting target and believe that SPACs will play a key role in enabling tech-enabled businesses across the MENAT region to access affordable capital markets and fund their growth and expansion.”
Click here for more details about SHUAA Partners Acquisition Corp I.