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Healthcare SPAC Deep Medicine Acquisition files for a $100 million IPO

September 13, 2021

Deep Medicine Acquisition, a blank check company targeting the healthcare industry, filed on Monday with the SEC to raise up to $100 million.

The New York, NY-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 right to receive one-tenth of a share upon the completion of an initial business combination. At the proposed deal size, Deep Medicine Acquisition would command a market value of $130 million.

The company is led by CEO and Chairman Humphrey Polanen, who is currently the CEO and Managing Member of private equity investment fund NeoVista Ventures. The company plans to target businesses in the healthcare industry with equity values of approximately $300 million to $1 billion.

Deep Medicine Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol DMAQU. I-Bankers Securities is the sole bookrunner on the deal.