SPAC DUET Acquisition files for a $75 million IPO, targeting enabling technologies

DUET Acquisition, a blank check company targeting enabling technologies in the APAC region, filed on Friday with the SEC to raise up to $75 million in an initial public offering.

The company plans to raise $75 million by offering 7.5 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, DUET acquisition would command a market value of $98 million. 

DUET Acquisition is led by Chairman Larry Gan, a former Managing Partner at Accenture; Co-CEO Lai Yeoh, the former CEO of TGV Cinemas; and Co-CEO Dharmendra Magasvaran, a former Partner of Deloitte Digital South East Asia.

The company plans to leverage management's experience and target middle market “enabling technology” businesses encompassing a wide spectrum of capabilities including holistic e-commerce, fintech, big data and analytics, and robotic process automation. DUET Acquisition plans to initially focus on businesses in the Asia-Pacific region (excluding China and Hong Kong) with enterprise values between $200 million and $2 billion.

The Kuala Lumpur, Malaysia-based company was founded in 2021 and plans to list on the Nasdaq but has not selected a ticker yet (RC ticker:DUACU.RC). EF Hutton is the sole bookrunner on the deal.