JAKARTA (TheInsiderStories) – Provident Acquisition Corp., a special purpose acquisition firm affiliated with PT Saratoga Investama Sedaya Tbk (IDX: SRTG), plans to list shares on the Nasdaq Stock Exchange. The parent is the company owned by tourism and creative economy minister, Sandiaga Salahuddin Uno and Edwin Soeryadjaya.
The ‘blank check company’ is targeting to raises funds up to US$200 million from the initial public offering (IPO). Based on documents submitted to the United States’ Securities and Exchange Commission last week, the company offering 20 million units with an exercise price $10 per shares.
It said, each unit will attached to one class A share and half warrant. The investors could convert the warrant with one class A share with indicative price $11.5 per share. The warrants can be exercised no later than 30 days after the initial completion of the business or 12 months from the closing date of the offering, wrote Provident on Monday (12/29).
The IPO helped by Citigroup Global Market Inc. The main sponsor for the IPO is Provident Acquisition Holdings Ltd. and has stated its commitment to purchase six million warrants. The IPO also involved a number of anchor investors, like WF Asian Reconnaissance Fund Ltd., the subsidiary of Saratoga PT Nugraha Eka Kencana, and Aventis Star Investment Ltd which is affiliated with the Provident Group.
These anchor investors has signed an agreement on Dec. 14 – 15 to absorb 5.5 million shares with 2.75 warrants in the IPO or in total $55 million. Provident Acquisition established under the laws of the Cayman Islands and also affiliated with Provident Growth and Provident Capital. The company aims to carry out mergers, acquisitions, share purchases, and business reorganizations.
“We are focus on the consumer goods sector that have prospective operations in Asia, with a special focus on the technology sector in the Southeast Asia,” explained the management.
Uno personally owned 21.51 percent of Saratoga shares, PT Unitras Pertama owned by Soeryadjaya hold 32.72 percent, Michael Soeryadjaya 0.05 percent, Devin Wirawan 0.005 percent, Lany Djuwita 0.001 percent, and public 11.94 percent. While, the Provident Group has invested in 13 technology companies and a number of issuers listed on the Indonesia Stock Exchange (IDX).
These companies include GoJek, Gopay, Traveloka, JD.id, Pomelo, JD Central, Advance.AI, PT Tower Bersama Infrastructure Tbk (IDX: TBIG), and PT Merdeka Copper Gold Tbk (IDX: MDKA).
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