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Stonebridge Acquisition Corporation (SBAC) is a particular purpose acquisition company (SPAC) announced to have raised USD 200 million or Rs 1,400 crore from global investors for investing in Indian companies.
The SPAC has been promoted by serial entrepreneur Bhargav Marepally, the chief executive of GSS Infotech, and Prabhu Antony, a co-founder of Hong Kong-based financial institution Sett and Lucas, and listed on the Nasdaq after the initial public offering.
SBAC, a newly incorporated ‘blank cheque company’, aims to complete its target acquisition within 12-16 months, the statement said. It would target the ‘new economy sectors’ like consumer technology, communications, software, SaaS (software as a service), fintech, media, and renewables.
The focus for SBAC is on businesses in the Asia-Pacific region, with a particular emphasis on India, especially those with enterprise values between USD 1-1.5 billion.
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