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Asia-focused SPAC Provident Acquisition files for a $200 million IPO

December 22, 2020

Provident Acquisition, a blank check company targeting technology businesses in southeast Asia, filed on Tuesday with the SEC to raise up to $200 million in an initial public offering.

The Hong Kong, China-based company plans to raise $200 million by offering 20 million units at $10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. The company may raise an additional $55 million at the closing of an acquisition pursuant to forward purchase agreements. At the proposed deal size, Provident Acquisition will command a market value of $250 million.

The company is led by Executive Chairman Winato Kartono, who is a founding partner of Provident Group and Provident Growth, and CEO, CFO, and Director Michael Aw Soon Beng, who is a founding partner of Provident Growth and a former Managing Director at UBS. Provident Acquisition intends to focus on consumption-focused companies with disruptive growth potential that have operations or prospective operations in Asia, with a particular focus on the technology sector in Southeast Asia.

Provident Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol PAQU. Citi is the sole bookrunner on the deal.