Tenzing Acquisition, a blank check company formed to acquire a business in India, filed for its $50 million US IPO on Friday.
The New York, NY-based company was formed by private equity veterans Rahul Nayar and Parag Saxena. It plans to raise $50 million by offering 5 million units at a price of $10. Each unit consists of one share of common stock and one warrant to purchase one share of common stock. At the $10, Tenzing Acquisition would command a fully diluted market value of $65 million.
Tenzing Acquisition was founded in 2018 and plans to list on the Nasdaq under the symbol TZACU. Maxim Group LLC is the sole bookrunner on the deal. No pricing terms were disclosed.
