Provident Acquisition, a blank check company targeting technology businesses in Southeast Asia, raised $200 million by offering 20 million units at $10. Each unit consists 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 with Ward Ferry, Saratoga, and the sponsor.
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 plans to list on the Nasdaq under the symbol PAQCU. Citi acted as a lead manager on the deal.