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SPAC StoneBridge Acquisition files for a $200 million IPO, targeting "new economy sectors"

February 26, 2021

StoneBridge Acquisition, a blank check company targeting "new economy sectors" in Asia Pacific, filed on Friday with the SEC to raise up to $200 million in an initial public offering.

The New York, NY-based company plans to raise $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. At the proposed deal size, StoneBridge Acquisition would command a market value of $250 million.

The company is led by CEO and Director Bhargava Marepally, the founder and CEO of GSS Infotech, and President and Director Prabhu Antony, a co-founder of Hong Kong-based financial institution Sett & Lucas. The company plans to target the "new economy sectors," which include the consumer technology, communications, software, SaaS, fintech, and media sectors. It plans to focus on businesses in Asia Pacific, with a special emphasis on India, and focus on those with enterprise values between $600 million and $1.5 billion.

StoneBridge Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol APACU. Cantor Fitzgerald is the sole bookrunner on the deal.