Innovative International Acquisition, a blank check company formed by Mohan Ananda and the CEO of Frientap, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.
The Dana Point, CA-based company plans to raise $200 million by offering 20 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, Innovative International Acquisition would command a market value of $280 million.
The company is led by CEO and Chairman Mohan Ananda, who was the founding CEO of Stamps.com (Nasdaq: STMP) and also co-founded Envestnet (NYSE: ENV), and COO and Director Madan Menon, who currently serves as the CEO of Frientap. The company plans to target the consumer technology, healthcare, information technology services, and enterprise SaaS.
Innovative International Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol IOACU. The company filed confidentially on July 6, 2021. Cantor Fitzgerald is the sole bookrunner on the deal.
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