Dubai-listed investment bank Shuaa Capital is still in the final stages before its first SPAC can be listed, but the bank is already eager to launch more.
SPACs have no commercial operations and are formed solely to raise capital from investors. They do so in an initial public offering and use the cash to merge with a private firm, taking the company public and bypassing traditional IPO routes, which can be lengthy.
Tariq Khan said companies are often looking for different pools of capital and liquidity, and the options can become limited once the firm gets bigger. SPACs in the United States provide a new avenue to raise money and appeal to Middle East firms that have global ambitions."We're looking for businesses that are on that growth trajectory, requiring substantial amounts of capital but also looking to expand beyond just the region," he said.
"It's still up 12%, 15% from the listing price, so that's a great success," he said, adding that Anghami is doing better than other SPACs such as Some price targets expect the Middle East firm to hit $17 within a year, Tariq Khan said."We're still very happy with where it's going."
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