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“SHUAA is now going through the final regulatory approvals following which a decision will be made to IPO the SPAC (special purpose acquisition company),” it said in a bourse statement.
A burgeoning dealmaking instrument, SPACs raise money to acquire a private firm with the purpose of taking it public, allowing the target to list more quickly on share markets than via traditional initial public offerings.
Abu Dhabi-headquartered Anghami, the Middle East’s rival to Spotify (NYSE:SPOT), last week listed on the Nasdaq, after merging with blank-check firm Vistas Media Acquisition Company.
