Gobi Acquisition, a blank check company formed by PAG Group targeting businesses with strong APAC connections, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.
The Hong Kong-based company plans to raise $250 million by offering 25 million shares at $10. The company is not offering units with warrants attached. Sponsor PAG intends to purchase $200 million worth of units in the offering. At the proposed deal size, Gobi Acquisition would command a market value of $320 million.
The company is led by CEO, CFO, and Director Jack Li, who is a Managing Director and a founding member of PAG's private equity strategy. The company plans to target businesses with strong growth potential and a strong connection to Asia Pacific.
Gobi Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol GOBI. The company filed confidentially on April 7, 2021. Citi, Goldman Sachs (Asia), and UBS Investment Bank are the joint bookrunners on the deal.
