Bankers priced two SPAC IPOs Thursday night (Oct. 5, 2023): Quetta Acquisition Corp. (QETAU) – 6.0 million units at $10.00 each – and Spark I Acquisition Corp. (SPKLU) – 10.0 million units at $10.00 each. These are the first blank check companies to go public since August – bringing the SPAC IPO count to 24 so far this year. Each deal was priced in line with the terms in the prospectus.
Asian tech is in focus at both SPACs.
Both rose in their trading debuts today – Friday, Oct. 6, 2023 – on the NASDAQ:
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Spark I Acquisition Corp.’s stock opened at $10.11 at 10:28 a.m. EDT today on NASDAQ on volume of about 1.13 million shares.
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Quetta Acquisition Corp.’s stock opened at $10.10 at 10:47 a.m. EDT today on NASDAQ on volume of more than 830,000 shares.
EF Hutton was the sole book-runner of Quetta Acquisition Corp.’s $60 million IPO.
Cantor was the sole book-runner of Spark I Acquisition Corp.’s $100 million IPO.
Asian FinTech on Quetta’s List
New York-based Quetta Acquisition Corp. will search for financial technology (FinTech) businesses in Asia, excluding China, Hong Kong and Macau, according to the prospectus. Its target companies for an initial business combination will center on those with an enterprise value between $250 million and $1 billion. Quetta will target companies based in Asia with global operations.
Quetta’s IPO raised $60 million, in sync with the terms in the prospectus: 6.0 million units at $10.00.
Each unit consists of one share of common stock and one-tenth (1/10) of a right denominated in one share of stock, redeemable upon the consummation of the initial business combination.
Spark I Eyes Late-Stage Asian Tech Startups
Palo Alto-based Spark I Acquisition Corp. will hunt for late-stage tech startups in Asia – or a U.S. tech company with a strong presence or strategy in Asia – and an enterprise value of more than $1 billion, the prospectus says. The Silicon Valley blank check company says it will not enter into an initial business combination with any entity with its principal business operations in China, including Hong Kong and Macau.
Spark I Acquisition Corp.’s IPO raised $100 million, in sync with the terms in the prospectus: 10.0 million units at $10.00.
Each unit consists of one Class A ordinary share of stock and one-half of one redeemable warrant.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)
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