NASDAQ hits record high ahead of business activity data
SPAC, focused on acquiring India's new-age companies, has raised Rs 1400 crore.Author : A. Gayatri
Stone Bridge Acquisition Corp, a special purpose acquisition company ( SPAC) focused on acquiring, In new-age age companies, has raised Rs 1400 crore ($200 million) through an initial public offering in the US and got listed on the NASDAQ. The NASDAQ hit a high shortly after the opening with investor-focused use on business activity. Data after Federal Reserve Officials. NASDAQ composite points rose 10.1 or 0.07℅ to 14263.381 at the opening bell.
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.
"We plan to act with 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-mergers and acquisitions.
"For firms with global aspirations, the US capital market listing presents a great opportunity."
"We barely have 20 firms publicly 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.