Blank check firm set up by Manipal’s Pai, PE veteran Ajila raises $170M in US IPO

A special purpose acquisition company (SPAC) launched in the United States by private equity veteran Rohan Ajila and Manipal Group chairman Gautham Pai has raised $170 million via an initial public offering.

The consumer sector-focused special purpose vehicle will acquire companies with significant Asia presence or compelling Asia potential, especially India.

SPACs are known informally as blank check firms and help companies list publicly without taking the traditional IPO route. They have of late become a popular source of funding tech startups with public money instead of using capital from limited partners.