The SPAC has been promoted by serial entrepreneur Bhargav Marepally, the chief executive of GSS Infotech, and Prabhu Antony, a co-founder of Hong Kong-based financial institution Sett and Lucas, and listed on the Nasdaq after the initial public offering
Stonebridge Acquisition Corporation (SBAC), a special purpose acquisition company (SPAC), on Monday announced to have raised USD 200 million or Rs 1,400 crore from global investors for investing in Indian companies.
The SPAC has been promoted by serial entrepreneur Bhargav Marepally, the chief executive of GSS Infotech, and Prabhu Antony, a co-founder of Hong Kong-based financial institution Sett and Lucas, and listed on the Nasdaq after the initial public offering. SBAC, a newly incorporated ‘blank cheque company’, aims to complete its target acquisition within 12-16 months, the statement said.
It added that it will target the ‘new economy sectors’ like consumer technology, communications, software, SaaS (software as a service), fintech, media, and renewables. The focus for SBAC is on businesses in the Asia-Pacific region, with a special emphasis on India, especially those with enterprise values between USD 1-1.5 billion. ‘Our plan is to actively involve companies that have immense scope for growth that are actively looking for growth capital to expand in the Asia-Pacific region.
‘In particular, we will be looking at companies in India that have the potential to drive transformational change,’ Bhargav said. The SBAC team brings deep expertise in the new economy sectors and cross-border mergers and acquisitions. ‘For firms with global aspirations, the US capital market listing presents a great opportunity. ‘We barely have 20 firms public listed from India compared to over 200 firms from China. This SPAC provides a first-of-its-kind opportunity to correct this listing disparity,’ Antony said.
PTI
Source: Business World
