<article><a href="https://www.dealstreetasia.com/?s=Tenzing Acquisition Corp" target="_blank" rel="noopener">Tenzing Acquisition Corp</a>, a New York-based blank check company focused on acquiring businesses in India, has filed for a $50 million initial public offering (IPO) on the NASDAQ.</article>

<a href="https://www.dealstreetasia.com/?s=Tenzing Acquisition Corp" target="_blank" rel="noopener">Tenzing Acquisition Corp</a>, a New York-based blank check company focused on acquiring businesses in India, has filed for a $50 million initial public offering (IPO) on the NASDAQ.
The company, which has the backing of private equity firm <a href="https://www.dealstreetasia.com/?s=New Silk Route Growth Capital" target="_blank" rel="noopener">New Silk Route Growth Capital</a>, plans to raise the proposed amount by offering 5 million units at a price of $10, it said in an SEC filing on July 20. Each unit consists of one ordinary share and one warrant. Each warrant entitles the holder to purchase one-half of one ordinary share, the filing said.
Tenzing has applied for listing under the symbol TZACU. Maxim Group LLC is the sole bookrunner on the deal.
The net proceeds of the offering and the sale of the private units, including the funds held in the trust account, will be used to acquire a target business or businesses.
The funds will also be used to meet working capital needs of the target business in areas such operations, strategic acquisitions, marketing,and in research and development of existing or new products, the company said in the filing.
Tenzing Acquisition was formed by private equity veterans Rahul Nayar and Parag Saxena in 2018 for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, recapitalization, exchangeable share transaction or other similar business transaction with one or more operating businesses or assets.
&#8220;We intend to focus our efforts on seeking and completing an initial business combination with a company that has an enterprise value of between $150 million and $500 million, although a target entity with a smaller or larger enterprise value may be considered. Although we are not limited to a particular industry or geographic region, we intend to focus on businesses that operate in India,&#8221; the company said.
Saxena, the chairman of Tenzing, has investment experience in the U.S. and the Indian sub-continent. He co-founded private equity firms Vedanta Capital and New Silk Route Growth Capital in 2006, which currently collectively manage over $1 billion in assets.
The company&#8217;s CEO Nayar has over 20 years, including with global financial institutions such as GE Capital and UBS, and independently since 2007. He has also advanced Tenzing an aggregate of $112,765 to cover expenses related to the offering.
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The company intends to focus our efforts on seeking and completing an initial business combination with a company that has an enterprise value of between $150 million and $500 million.

Blank check company Tenzing files for $50m US IPO to fund India acquisitions

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Blank check company Tenzing files for $50m US IPO to fund India acquisitions

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