Malaysia-based SPAC Kairous Acquisition ups deal size by 50% ahead of $75 million IPO

Kairous Acquisition, a blank check company led by the founder of Kairous Capital targeting businesses in Asia, raised the proposed deal size for its upcoming IPO on Tuesday.

The Kuala Lumpur, Malaysia-based company now plans to raise $75 million by offering 7.5 million units at $10. The company had previously filed to offer 5 million units at the same price. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one-half of a warrant, exercisable at $11.50. At the revised deal size, Kairous Acquisition will raise 50% more in proceeds than previously anticipated.

The company is led by CEO and Chairman Joseph Lee, the founder and Managing Partner of Kairous Capital, a regional venture firm focused on technology investments across China and Southeast Asia. The company plans to target businesses in Asia (excluding China), focusing on those with enterprise values between $120 million and $300 million and revenue or net profit at an annual growth rate of at least 50%.

Kairous Acquisition was founded in 2021 and plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: KARAU.RC). Maxim Group LLC is the sole bookrunner on the deal.