SBAC plans to target ‘new economy sectors’ such as consumer technology, communications, software, SaaS, fintech, media sectors, and renewables. It will be eyeing businesses in the Asia Pacific region, emphasizing India, especially those with enterprise values between $1 billion and $1.5 billion.
- SBAC is a recently incorporated ‘Blank Check’ corporation that is publicly traded in the United States.
- It plans to complete the transaction in 12 to 16 months.
- Consumer technology, communications, software, SaaS, fintech, media industries, and renewables are among the ‘new economy sectors’ that SBAC intends to target.
On Monday, Bhargav Marepally, CEO of Hyderabad-based GSS Infotech Limited, and Prabhu Antony, co-founder of Hong Kong-based financial institution Sett & Lucas, announced that their particular purpose acquisition company, StoneBridge Acquisition Corporation (SBAC), had raised $200 million (Rs 1,400 crore) through an IPO in the United States.
SBAC is a freshly created ‘Blank Check’ business that plans to complete its target acquisition within 12-16 months and is listed on the US capital markets. Blank Check companies are those that operate without a formal business plan and seek investments in specific areas.
Consumer technology, communications, software, SaaS, fintech, media industries, and renewables are among the ‘new economy sectors’ that SBAC intends to target. It will target companies in the Asia Pacific area, focusing on India, particularly those with a market capitalization of $1 billion to $1.5 billion.
“Our board and management team bring deep expertise in new economy sectors, cross-border M&A, and business development prospects that will help us quickly identify a suitable target while allowing the target to leverage our expertise for expansion and growth across geographies,” said Bhargav, SBAC’s CEO and director.