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Texas-based special purpose acquisition company (SPAC) Stonebridge Acquisition Corporation has reportedly secured USD 200 million through an initial public offering in the United States. The India-focused SPAC has now listed itself on NASDAQ as well.
According to reliable sources, the company is sponsored by Prabhu Antony, the co-founder of Sett & Lucas as well as CEO of GSS Infotech Bhargav Marepally.
Stonebridge Acquisition Corporation intends to reach its target within 12-16 months. The blank cheque company aims to acquire businesses valued between USD 1-1.5 billion in the Asia Pacific, predominantly located in India.
The company will focus on sectors such as communications, consumer technology, software, fintech, renewables, media, and SaaS among others.
In this context, the CEO of GSS Infotech Bhargav Marepally was quoted saying that the company plans to acquire firms that are actively seeking capital to expand their reach in the Asia Pacific and have high scope for growth in the upcoming years.
He further added that an ideal target company should have the potential to bring transformational change.
Meanwhile, Prabhu Antony, the co-founder of Sett & Lucas reportedly said that the NASDAQ listing presents a great opportunity to companies with global aspirations. He further added that this SPAC provides a unique opportunity to get more Indian firms listed on the index.
For the record, a SPAC is an investment vehicle used to secure money for potential acquisitions. The funds raised are kept in an interest-bearing trust account till the SPAC acquires a firm.
Once an acquisition is made, investors then get the option to either liquidate their shares for returns or swap them for the merged company’s shares.
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