Energy SPAC Energem Corp. files for a $100 million IPO

Energem Corp., a blank check company targeting the energy value chain in the South East Asia and APAC region, filed on Friday with the SEC to raise up to $100 million.

The Kuala Lumpur, Malaysia-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. At the proposed deal size, Energem Corp. would command a market value of $129 million.

The company is led by CEO and Director Swee Guan Hoo, who currently serves as Executive Director of investment holding company BCM Alliance Berhad, and Chairman Kok Seong Wong, who currently serves as Managing Partner in Hasnan THL Wong & Partners. The company plans to target the energy value chain in the South East Asia and Asia Pacific region, focusing on opportunities aligned with energy growth transition and sustainability themes.

Energem Corp. was founded in 2021 and plans to list on the Nasdaq under the symbol ENCPU. EF Hutton is the sole bookrunner on the deal.