Southeast Asia-focused SPAC Malacca Straits Acquisition files for a $125 million IPO

Malacca Straits Acquisition, a blank check company targeting a businesses in Southeast Asia, filed on Friday with the SEC to raise up to $125 million in an initial public offering.

The Hong Kong-based company plans to raise $125 million by offering 12.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Malacca Straits Acquisition would command a market value of $156 million.

The company is led by CEO and Director Kenneth Ng, who is the founder and Managing Partner of asset management firm Ark Pacific Capital Management, and CFO and Director Stanley Wang, the founder and Managing Director of K2 Venture Capital. Advisor Kin Chan is the founder and CIO of investment advisor Argyle Street Management, a member of the sponsor, as well as the Chairman of closed-end fund TIH. The company plans to target businesses that are currently part of Southeast Asian business conglomerates in the media, food processing, renewable energy, and healthcare industries.

Malacca Straits Acquisition was founded in 2019 and plans to list on the Nasdaq under the symbol MLACU. BTIG is the sole bookrunner on the deal.