Southeast Asia-focused SPAC Malacca Straits Acquisition prices $125 million IPO at $10

Malacca Straits Acquisition, a blank check company targeting a business in Southeast Asia, raised $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 pricing, the company commands a market cap 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 plans to list on the Nasdaq under the symbol MLACU. BTIG acted as a lead manager on the deal.