DUET Acquisition, a blank check company targeting technology businesses in the APAC region, raised $75 million by offering 7.5 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50.
DUET Acquisition is led by Chairman Larry Gan, a former Managing Partner at Accenture; Co-CEO Lai Yeoh, the former CEO of TGV Cinemas; and Co-CEO Dharmendra Magasvaran, a former Partner of Deloitte Digital South East Asia.
The company plans to leverage management's experience and target middle market “enabling technology” businesses encompassing a wide spectrum of capabilities including holistic e-commerce, fintech, big data and analytics, and robotic process automation. It plans to initially focus on businesses in the Asia-Pacific region (excluding China and Hong Kong) with enterprise values between $200 million and $2 billion.
DUET Acquisition plans to list on the Nasdaq under the symbol DUETU. EF Hutton acted as sole bookrunner on the deal.
