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Healthcare SPAC Deep Medicine Acquisition prices upsized $110 million IPO

October 26, 2021

Deep Medicine Acquisition, a blank check company targeting the healthcare industry, raised $110 million by offering 11 million units at $10. The company offered 1 million more units than anticipated. 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.

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 plans to list on the Nasdaq under the symbol DMAQU. I-Bankers Securities acted as sole bookrunner on the deal.