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Asia-focused SPAC Generation Asia I Acquisition files for a $200 million IPO

October 22, 2021

Generation Asia I Acquisition, a blank check company targeting the TMT, business services, or consumer sectors in Asia, filed on Friday with the SEC to raise up to $200 million in an initial public offering.

The Cayman Islands-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. Anchor investors intend to purchase $203 million worth of units in the offering (101% of the deal), and the company may raise an additional $80 million at the closing of an acquisition pursuant to forward purchase agreements. At the proposed deal size, Generation Asia I Acquisition would command a market value of $270 million.

The company is led by CEO and Chairman Roy Kuan, a private investor and a former Managing Partner at global private equity firm CVC Capital Partners. The company plans to target the technology, media & telecommunications (TMT), business services, or consumer sectors across Asia, with a focus on North Asia and Southeast Asia.

Generation Asia I Acquisition was founded in 2021 and plans to list on the NYSE under the symbol GAQ.U. Nomura Securities is the sole bookrunner on the deal.