Generation Asia I Acquisition, a blank check company targeting the TMT, business services, or consumer sectors in Asia, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The Cayman Islands-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Anchor investors intend to purchase $203 million worth of units in the offering (101% of the deal), and the company may raise an additional $80 million at the closing of an acquisition pursuant to forward purchase agreements. At the proposed deal size, Generation Asia I Acquisition would command a market value of $270 million.
The company is led by CEO and Chairman Roy Kuan, a private investor and a former Managing Partner at global private equity firm CVC Capital Partners. The company plans to target the technology, media & telecommunications (TMT), business services, or consumer sectors across Asia, with a focus on North Asia and Southeast Asia.
Generation Asia I Acquisition was founded in 2021 and plans to list on the NYSE under the symbol GAQ.U. Nomura Securities is the sole bookrunner on the deal.
