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.