Asia-focused SPAC TenX Keane Acquisition files for a $50 million IPO

TenX Keane Acquisition, a blank check company targeting businesses in Asia, filed on Wednesday with the SEC to raise up to $50 million in an initial public offering.

The company plans to raise $50 million by offering 5 million units at $10. Each unit contains one share of common stock and one right to receive one-tenth of a share upon completion of an initial business combination. At the proposed price, TenX Keane Acquisition would command a market value of $66 million.  

TenX Keane Acquisition is led by CEO, CFO, and Director Taylor Zhang, who has been CFO of China XD Plastics (Nasdaq: CXDC) since 2009, and Chairman Xiaofeng Yuan, who founded women's healthcare company 38Fule Group in 1992 and has served as Chairman of Shaanxi 38Fule Technology since 1999. The company will utilize management's experience and connections to target Asian businesses with enterprise values between $200 million and $600 million.

The Xi'an City, China-based company was founded in 2021 and plans to list on the Nasdaq under the symbol TENKU. Maxim Group LLC is the sole bookrunner on the deal.