StoneBridge Acquisition Corp, a unique purpose acquisition agency (SPAC) targeted at obtaining Indian new-age corporations, has raised Rs 1,400 crore ($2 hundred million) through an initial public presentation inside the US and got listed on the NASDAQ.

The blank cheque organization is sponsored by GSS Infotech NSE -5.41 % CEO Bhargav Marepally and Prabhu Antony, co-founder of Sett & Lucas.

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The SPAC ambitions to accumulate its target in the subsequent 12-sixteen months and have a unique emphasis on Indian new-age tech organizations with employer valuation of $1 billion to $1.5 billion.

"Our plan is to actively contain with corporations which have immense scope for increase which are actively seeking out boom capital to expand in the Asia Pacific vicinity," Bhargav said in a press statement.

The SPAC is the latest among blank cheque agencies which are looking to take Indian startups public through a listing thru acquisition in the US. SPACs have come into prominence during the last yr as they raised billions of folks' greenbacks in price range from traders promising acquisitions inside 2-three years or money lower back.

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A SPAC is a funding car utilized by institutional investors to raise money for capability acquisitions. traders who invest in such instruments are not conscious of who the eventual acquisition goal will be.

until the time the SPAC makes an acquisition, the cash raised is parked in an interest-bearing trust account. once the SPAC makes an acquisition, traders get the option to swap their existing shares for the merged business enterprises or liquidate them for returns.

in the occasion a SPAC is unable to finish an acquisition in the stipulated time, the cash is lower back to investors alongside the hobby earned.

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