Generation Asia I Acquisition, a blank check company targeting the TMT, business services, or consumer sectors in Asia, raised $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 had indicated on $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.
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 (excluding China).
Generation Asia I Acquisition plans to list on the NYSE under the symbol GAQ.U. Nomura Securities acted as sole bookrunner on the deal.
