SPAC Bombax Healthcare Acquisition files for a $50 million IPO

Bombax Healthcare Acquisition, a blank check company targeting the healthcare or healthcare-related sectors, filed on Friday with the SEC to raise up to $50 million in an initial public offering.

The Hong Kong-based company plans to raise $50 million by offering 5 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, Bombax Healthcare Acquisition would command a market value of $63 million.

The company is led by CEO Jeffrey Yam, an Executive Director at Integrated Capital and a former investment banker at BNP Paribas, and CFO and Chairman Kelvin Sze, who most recently served as Head of Macro-Trading in Hong Kong at Barclays. The company plans to target the healthcare or healthcare-related sectors, focusing on businesses with enterprise values between $200 million and $500 million.

Bombax Healthcare Acquisition was founded in 2021 and plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: BBAXU.RC). The company filed confidentially on July 22, 2021. JonesTrading is the sole bookrunner on the deal.