The firm, International Media Acquisition Corp (IMAC), has filed for a $230 million (Rs 1,715 crore) preliminary public providing within the US and itemizing on the Nasdaq. The US Securities and Exchange Commission has accepted its proposal.
Sarkar has arrange the corporate in his private capability
As per the preliminary IPO prospectus accessed by ET, IMAC plans to supply 20 million items at $10 every. Every unit will consist of 1 share of widespread inventory and one-third of a warrant, exercisable at $11.50.
IMAC will goal firms with an enterprise worth of $150 million to $500 million, which match the standards of being at-risk, however have stable enterprise fundamentals and are in search of capital to develop operations.
It will additionally have a look at studios and manufacturing homes, media belongings that are valued considerably decrease than that they had been beforehand, and new media entities, together with e-sports, animation and visible results studios housed inside struggling conventional media firms.
Sarkar, who has greater than 27 years of expertise within the media business, is the chairman and CEO of IMAC.
Calls and texts despatched to Sarkar remained unanswered until the time of going to press on Thursday.
A member of the senior management group of Anil Ambani’s Reliance Group, he additionally serves as a director on the board of varied group firms.
IMAC has additionally bought on board Sanjay Wadhwa, managing associate of the AP International Group, as a director. Vishwas Joshi is the chief monetary officer. Joshi was an government director and head of studio finance at Walt Disney Company India from June 2007 to September 2020.
The nominee administrators embody former co-head of Creative Artists Agency’s international consumer technique David M Taghioff, Stampede Ventures founder Greg Silverman, movie producer Deepak Nayar, Paul Pelosi Jr who advises rising and enormous firms, and CBW Bank chairman Suresh Ramamurthi.
“SPACs are increasingly becoming an attractive listing option especially in new age, fast growing sectors such as bio-tech, clean energy, ecommerce, media and entertainment,” mentioned Ajay Shah, partner-investment banking at EY. “They provide a better price/valuation transparency to the promoters, reduced time to market as compared to the traditional IPO route and are increasingly being backed by high-quality institutional investors. We foresee more instances of high-growth Indian companies opting for such SPAC listings instead of the traditional Series D funding via PE funds.”
While SPAC as an idea has existed for many years within the US, within the final two years, it has seen lots of investments from high-profile traders and celebrities.
Last yr, the US noticed 248 IPOs by SPACs, which raised $83 billion. However, within the first three months of this yr, 281 clean examine firms had raised near $100 billion.
Experts mentioned now institutional traders are additionally taking a look at investing in SPACs, which has resulted in so many offers.
A SPAC, or clean examine firm, is ready up by traders (or sponsors), with experience in a specific business, with particular acquisition goals within the sector.