Vahanna Tech Edge Acquisition I, a blank check company targeting tech businesses with connections to India, filed on Thursday with the SEC to raise up to $150 million in an initial public offering.
The New York, NY-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Vahanna Tech Edge Acquisition I would command a market value of $188 million.
The company is led by CEO Karan Puri, a former EVP and General Manager for the Americas at DXC Technology and a Senior Corporate Officer at HCL Technologies, and Chairman Saurav Adhikari, who previously spent two decades at HCL, including as the founding President of its startup corporate networking firm.
The company plans to target businesses with strong connections to India and catering to large addressable market opportunities in India or other developed geographies such as the Americas and Europe, focusing on those with enterprise values between $750 million and $1+ billion. It plans to focus on broad categories within the technology sector.
Vahanna Tech Edge Acquisition I was founded in 2021 and plans to list on the Nasdaq under the symbol VHNAU. The company filed confidentially on June 24, 2021. Mizuho Securities is the sole bookrunner on the deal.
