Asia-focused SPAC TenX Keane Acquisition increases deal size by 20% ahead of $60 million IPO

TenX Keane Acquisition, a blank check company targeting businesses in Asia, raised the proposed deal size for its upcoming IPO on Tuesday.

The New York, NY-based company now plans to raise $60 million by offering 6 million units at a price of $10. The company had previously filed to offer 5 million units at the same price. Each unit contains one share of common stock and one right to receive one-tenth of a share upon completion of an initial business combination. At the revised deal size, TenX Keane Acquisition will raise 20% more in proceeds than previously anticipated.

TenX Keane Acquisition is led by CEO and Chairman Xiaofeng Yuan, who previously founded women's healthcare company 38Fule Group in 1992 and currently serves as Chairman of Shaanxi 38Fule Technology, and CFO and Director Taylor Zhang, who most recently served as CFO of China XD Plastics (Nasdaq: CXDC). The company will utilize management's experience and connections to target businesses in Asia (excluding China, Hong Kong, and Macau) with enterprise values between $200 million and $600 million.

TenX Keane Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol TENKU. Maxim Group LLC is the sole bookrunner on the deal.