Indonesia-based SPAC Stellaris Growth Acquisition files for a $128 million IPO

Stellaris Growth Acquisition, a blank check company focusing on the data centers and internet technology sectors, filed on Thursday with the SEC to raise up to $128 million in an initial public offering.

The Jakarta, Indonesia-based company plans to raise $128 million by offering 12.8 million units at $10. Each unit consists of one share of common stock, one-half of a warrant exercisable at $11.50, and one right to receive one-tenth of a share upon the completion of an initial business combination. At the proposed deal size, Stellaris Growth Acquisition would command a market value of $165 million.

The company is led by CEO and Chairman Ronald Felt, the former President Director of BNP Paribas Securities, and CFO Ivan Chan, the Director of Tan & Lam CPA and the founder and former Managing Director and Head of Investment Banking at JS Capital. The company plans to target the data centers and internet technology sectors, with plans to explore the technologically advanced segments of the medical, biotechnology, digital, data and data science, industrial, and financial fields.

Stellaris Growth Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol STLRU. Kingswood Capital Markets is the sole bookrunner on the deal.