Dubai's Shuaa Capital prices IPO of SPAC

Dubai: Shuaa Capital, a Dubai based asset management and investment banking company said on Wednesday that  it has priced the initial public offering (IPO) of its special purpose acquisition company (SPAC) which will be listed on New York's Nasdaq exchange.

The company said in a statement to Dubai Financial Market (DFM) that 10,000,000 units of its SPAC under the name of Shuaa Partners Acquisition Corp 1 was priced at $10 per unit.

Shuaa's $100 million SPAC will focus on identifying and merging with a technology or tech-enabled financial services business in the Middle East, North Africa and Turkey (MENAT) region, it said.

SPACs raise money to acquire a private firm with the purpose of taking it public, allowing the target to list more quickly on stock exchanges than via traditional initial public offerings.