Israel-focused SPAC Gesher I Acquisition files for a $100 million IPO

Gesher I Acquisition, a blank check company targeting Israeli businesses with international operations, filed on Thursday with the SEC to raise up to $100 million.

The Tel Aviv, Israel-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Certain anchor investors have indicated an interest in purchasing 79% of units in the offering, and the company may raise an additional $45 million at the closing of an acquisition pursuant to a forward purchase agreement with certain sponsor members and a third party. At the proposed deal size, Gesher I Acquisition would command a market value of $127 million.

The company is led by CEO and Director Ezra Gardner, a co-founder and Partner of investment firm Varana Capital, and co-founder and former Managing Partner and Portfolio Manager of family office Omnium Capital. The company plans to target businesses located in Israel, particularly those that conduct business internationally in Asia, Europe, or North America. It plans to focus on industry verticals where management has experience investing and collaborating, including mobility and electric vehicles, autonomy and robotics, and financial technology.

Gesher I Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol GIACU. The company filed confidentially on March 31, 2021. EarlyBirdCapital is the sole bookrunner on the deal.