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APAC-focused SPAC Plutonian Acquisition files for a $50 million IPO

October 5, 2022

Plutonian Acquisition, a blank check company targeting metaverse tech, tourism, and e-commerce in the APAC region, filed on Wednesday with the SEC to raise up to $50 million in an initial public offering.

The company plans to raise $50 million by offering 5 million units at $10. Each unit consists of one share of common stock, one warrant exercisable at $11.50, and one right to receive one-sixth of a share upon the consummation of an initial business combination. At the proposed deal size, Plutonian Acquisition would command a market value of $65 million.

Plutonian Acquisition is led by CEO and Chairman Wei Kwang Ng, an AVP at Singapore Post and the COO at Parcel Santa, and CFO and Director Ke Wang, the Head of Quantitative Research at Allstate Insurance. The company plans to target metaverse tech, tourism, and e-commerce in the APAC region, focusing on businesses with enterprise values of between $150 million and $300 million. Plutonian Acquisition does not plan to target companies with China operations consolidated through a VIE structure.

The New York, NY-based company was founded in 2021 and plans to list on the Nasdaq but has not selected a symbol yet (RC Ticker: PLTOU.RC). Plutonian Acquisition filed confidentially on May 19, 2022. EF Hutton is the sole bookrunner on the deal.