India-Focused Tech SPAC Cartica Acquisition Prices US$200 Million IPO

Special purpose acquisition company Cartica Acquisition Corp. (Nasdaq: CITEU) started trading on the Nasdaq Global Market today. The firm aims to raise US$200.0 million in its initial public offering.

The offering consisted of 20.0 million company units at US$10.00 per unit. Each unit contains one Class A common share and one-half of a redeemable warrant. Each whole warrant is exercisable for one common share at US$11.50 per share. The company units are currently trading under the symbol “CITEU” while the shares and purchase warrants, once trading separately, will be trading under “CITE” and “CITEW”, respectively.

J.P. Morgan Securities acts as the sole bookrunner for the said offering. The underwriters were granted a 45-day overallotment option to purchase additional 3.0 million units at the same IPO price.

The blank check firm is being led by CEO Sanjeev Goel, who worked in the Financial Institutions Group at the International Finance Corporation of the World Bank Group. The firm is also backed by emerging markets-focused asset management firm Cartica Management, whose co-founders Steven Quamme and Farida Khambata are sitting as board directors of the blank check firm.

For its target businesses, the firm said it intends to focus on completing a business combination with an India-based technology firm.

Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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