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First SPAC in Scandinavia has institutional funds piling in

Scandinavia's first special purpose acquisition company was "considerably oversubscribed", as institutional investors lined up to commit funds to the blank check vehicle.

ACQ Bure AB jumped as much 9 percent shortly after it started trading on Nasdaq Stockholm. | Photo: Nasdaq / PR

ACQ, a SPAC created by Swedish investment firm Bure Equity, started trading on Thursday. The subscription price of 100 kronor a share was quickly topped when the market opened, with ACQ Bure AB jumping as much as 9 percent.

Patrik Tigerschiold, the chairman of Bure and ACQ, said the SPAC's roughly 35,000 new investors can "look forward to creating long-term shareholder value together with other owners in ACQ."

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