In a main, India-connected SPAC raises funds in US list


The shares of the company began shopping and selling on Nasdaq on June 9, below the ticker symbol "GACQU". On June 14, the inventory closed at $9.95, up 0.10 p.c.

June 15, 2021 / 12: 33 PM IST

Particular-aim acquisition company (SPAC) Global User Acquisition Corp (GCAC) has raised $170 million from Nasdaq list, making it the predominant India-connected SPAC to raise funds, The Economic Times reported.

Backed by non-public equity susceptible Rohan Ajila and Manipal Applied sciences chairman Gautham Pai, GCAC intends to invest in industries specializing in user merchandise and services sectors.

"We intend to focal point on world user companies with a gigantic Asia presence or a compelling Asia possible, particularly India," said Ajila, co-chairman and CEO of GCAC. "This complements the skills of our administration crew in spoiled-border M&A, alternate pattern and Asia/India expansion," he said.

The shares of the company began shopping and selling on Nasdaq on June 9, below the ticker symbol "GACQU". On June 14, the inventory closed at $9.95, up 0.20 p.c from the previous day, however down 0.5 p.c from the narrate designate of $10.

SPACs are companies without a industrial operations. They are formed strictly to spice up capital via an preliminary public offering (IPO) for the aim of acquiring an present company. Basically is called "easy test companies", SPACs had been spherical for many years. In most up-to-date years, they've develop into more current, attracting big-name underwriters and investors and elevating a file quantity of IPO money in 2019.

Moreover Read: The upward thrust of SPACs: Is it IPO disruptors or easy test distortions?

Constant with ET, two other SPACs are eyeing a catalogue in the US. These encompass one by Reliance Leisure CEO Shibasish Sarkar and AP World Neighborhood managing accomplice Sanjay Wadhwa.

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