B2B software SPAC Bannix Acquisition cuts deal size by 50% ahead of $50 million IPO

Bannix Acquisition, a blank check company targeting a B2B enterprise software business, lowered the proposed deal size for its upcoming IPO on Friday.

The Woodcliff Lake, NJ-based company now plans to raise $50 million by offering 5 million units at $10. The company had previously filed to offer 10 million units at the same price. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one warrant, exercisable at $11.50. At the revised deal size, Bannix Acquisition will raise -50% less in proceeds than previously anticipated.

The company is led by Pelatro (LSE: PTRO) CEO, Chairman and CEO Subash Menon, along with Pelatro finance director, CFO Nicholos Hellyer. The company intends to target B2B enterprise software companies, particularly those operating in the customer engagement space within the telecommunications, retail and financial services industries in North America and Western Europe, focusing on those with overall transaction values of at least $400 million.

Bannix Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol BNIXU. I-Bankers Securities is the sole bookrunner on the deal.