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SPAC SHUAA Partners Acquisition I slashes deal size by 50% ahead of $100 million IPO

February 22, 2022

SHUAA Partners Acquisition I, a blank check company formed by SHUAA Capital targeting tech and fintech in the Middle East, North Africa, and Turkey (MENAT) region, lowered the proposed deal size for its upcoming IPO on Tuesday.

The Cayman Islands-based company now plans to raise $100 million by offering 10 million units at a price of $10. The company had previously filed to offer 20 million units at the same price. Each unit still consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, SHUAA Partners Acquisition I will raise -50% less in proceeds than previously anticipated.

The company is led by CEO and Director Fawad Tariq Khan, a Managing Director of the Investment Banking Group at SHUAA Capital, an asset management and investment banking platform in the Middle East region. The company plans to target the technology and fintech space across the high growth markets of the MENAT region.

SHUAA Partners Acquisition I was founded in 2021 and plans to list on the Nasdaq under the symbol SHUAU. BTIG is the sole bookrunner on the deal.