Serendipity Capital Acquisition, a blank check company formed by Serendipity Capital targeting an APAC-focused financials business, withdrew its plans for an initial public offering on Monday. It had filed in May 2021 to raise $250 million by offering 25 million units at $10, with each unit containing one share of common stock and one-third of a warrant, exercisable at $11.50.
The company was set to be led by CEO and Director Robert Jesudason, the CEO and Founding Partner of permanent capital vehicle Serendipity Capital, and Chairman Stephen Roder, a Non-Executive Director of Serendipity Capital and the former CFO of Manulife Group. The company had planned to target financial services, technology, or climate focused businesses operating in the financial services sector, with a bias towards the Asia Pacific (APAC) region.
The Singapore-based company was founded in 2021 and had planned to list on the NYSE under the symbol SCAC.U. Goldman Sachs (Asia) was set to be the sole bookrunner on the deal.
