StoneBridge Acquisition priced its IPO of 20 million units at $10 each. Units begin tradign today on the Nasdaq under APACU.
Each unit consists of one Class A ordinary share and one-half of one redeemable warrant; whole warrants exercisable at $11.50.
Once the securities begin trading separately, shares and warrants will list under APAC and APACW.
Cantor Fitzgerald is sole bookrunner and Odeon Capital is co-manager. The underwriters have an over-allotment option to purchase up to an additional 3 million units.
The SPAC is led by CEO and Director Bhargava Marepally, founder and CEO of GSS Infotech; and President and Director Prabhu Antony, a co-founder of Hong Kong-based financial institution Sett & Lucas.
StoneBridge plans to target the “new economy” sectors, which include consumer technology, communications, software, SaaS, fintech, media sectors and renewables. The SPAC will focus on businesses in Asia Pacific, with a special emphasis on India, and on companies with enterprise values between $600 million and $1.5 billion. Read more.