The firm, International Media Acquisition Corp (IMAC), has filed for a $230 million (Rs 1,715 crore) preliminary public providing in the US and itemizing on the Nasdaq. The US Securities and Exchange Commission has authorized 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 models at $10 every. Every unit will consist of 1 share of frequent inventory and one-third of a warrant, exercisable at $11.50.
IMAC will goal corporations with an enterprise worth of $150 million to $500 million, which match the standards of being at-risk, however have strong enterprise fundamentals and are wanting for capital to develop operations.
It can even take a look at studios and manufacturing homes, media property which can be 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 corporations.
Sarkar, who has greater than 27 years of expertise in the media trade, 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 workforce of Anil Ambani’s Reliance Group, he additionally serves as a director on the board of varied group corporations.
IMAC has additionally obtained on board Sanjay Wadhwa, managing companion of the AP International Group, as a director. Vishwas Joshi is the chief monetary officer. Joshi was an govt director and head of studio finance at Walt Disney Company India from June 2007 to September 2020.
The nominee administrators embrace 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 corporations, and CBW Bank chairman Suresh Ramamurthi.
“SPACs are more and more changing into a horny itemizing choice particularly in new age, quick rising sectors comparable to bio-tech, clear power, ecommerce, media and leisure,” mentioned Ajay Shah, partner-investment banking at EY. “They present a greater value/valuation transparency to the promoters, decreased time to market as in comparison with the standard IPO route and are more and more being backed by high-quality institutional buyers. We foresee extra cases of high-growth Indian corporations opting for such SPAC listings as an alternative of the standard Series D funding through PE funds.”
While SPAC as an idea has existed for many years in the US, in the final two years, it has seen a variety of investments from high-profile buyers and celebrities.
Last yr, the US noticed 248 IPOs by SPACs, which raised $83 billion. However, in the primary three months of this yr, 281 clean examine corporations had raised near $100 billion.
Experts mentioned now institutional buyers 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 buyers (or sponsors), with experience in a specific trade, with particular acquisition aims in the sector.