Catcha Investment, a blank cheque company — aka special purpose acquisition company (SPACE) — formed by Malaysia’s Catcha Group, has filed to raise up to US$250 million in an initial public offering.
The news was first published by Renaissance Capital’s on its website.
The Kuala Lumpur-based SPAC plans to raise the proposed capital by offering 25 million units at US$10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at US$11.50.
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At the proposed deal size, Catcha Investment would command a market value of US$313 million, according to this article.
Catch Investment is led by CEO and Chairman Patrick Grove and President and Director Luke Elliott, co-founders of Southeast Asian internet investment firm Catcha Group.
Catcha Investment intends to focus on a target with operations or prospective operations in the technology, digital media, financial technology, or digital services sectors (new economy sectors) across Asia Pacific, particularly Southeast Asia and Australia.
While the concept of SPAC has been around in the market for many years and is used as a mechanism to bring companies public in the US, it has been relatively new to Asia, where companies are yet to jump on the bandwagon.
Also Read: Traveloka considers SPAC option as it plans to go public
However, the recent past saw several SPACs pop up. Early this month, Poema Global Holdings, a SPAC focusing on tech firms in Asia and Europe, announced it has raised US$300 million in its IPO on the NASDAQ stock exchange.
Earlier, Bridgetown 2 Holdings, a SPAC targeting internet economy companies in Southeast Asia and backed by billionaires Peter Thiel and Richard Li, announced last month that it was seeking to raise US$200 million in an IPO in the US.
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