International Media Acquisition, a blank check company targeting the media and entertainment sectors in North America, Europe, and Asia, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.
The North Brunswick, NJ-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 warrant to purchase one-third of a share, exercisable at $11.50. At the proposed deal size, International Media Acquisition would command a market value of $257 million.
The company is led by CEO and Chairman Shibasish Sarkar, the Group CEO of Reliance Entertainment, and CFO Vishwas Joshi, who most recently served as executive director and head of studio finance at Walt Disney Company India. The company plans to target the media and entertainment sector, with a focus on North America, Europe, and Asia. It intends to focus specifically on companies that are positioned to benefit directly from the growth of digitally available content.
International Media Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol IMAQU. The company filed confidentially on February 24, 2021. Chardan Capital Markets is the sole bookrunner on the deal.
