B Capital joins global SPAC frenzy with $300m Nasdaq IPO filing

Photo: B Capital

Singapore- and US-based B Capital is looking to raise up to $300 million on the Nasdaq for its latest special purpose acquisition company (SPAC), according to a filing with the US Securities Exchange Commission (SEC) on Feb. 19.

B Capital Technology Opportunities will be based in New York and plans to raise the $300 million by offering 30 million units at $10 per unit. Each unit will comprise one share of common stock and one-third of a warrant, exercisable at $11.50, according to the SEC filing.

As such, the proposed deal size will give B Capital Technology Opportunities a market value of $375 million.

The SPAC firm will be led by top management executives Howard Morgan, Raj Ganguly, and Kabir Narang, as well as EE Capital’s managing director Angela Huang, and Nasdaq’s former vice chairman, Bruce Aust. Eduardo Saverin, a co-founder and co-managing general partner of B Capital, will serve as a special advisor.

B Capital Technology Opportunities will focus on acquiring technology businesses with the capacity to transform large and traditional industries. This will cover four verticals: customer enablement, financial services, health and wellness, and industrial and transportation. The target companies should also ideally be market leaders in their segment with cross-border operations and the capacity to scale across multiple markets, B Capital said in the filing.

The SPAC plans to list on the Nasdaq under the symbol BCTAU. Credit Suisse is the sole bookrunner for the deal.

B Capital, which oversees $1.65 billion in capital and 66 early-to-late-stage portfolio companies, joins a growing list of investors jumping on the SPAC bandwagon.

In Southeast Asia, SPAC candidates range from the likes of Richard Li and Peter Thiel via their two Bridgetown Holdings vehicles to local VCs like Catcha Group raising a $275 million SPAC on the NYSE earlier this month.

Market observers see this as an indication of frothiness in the public market, as seen in soaring valuations across multiple publicly-listed companies in the last year. New SPAC listings have continued to pile up in recent weeks. According to SPAC Research, 160 blank cheque firms collectively worth $50.2 billion have listed in the US since the beginning of 2021.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.