Special purpose acquisition company Vahanna Tech Edge Acquisition I Corp. (Nasdaq: VHNAU) started trading publicly on the Nasdaq Global Market today. The company is seeking to raise US$174 million in its initial public offering.
The offering consists of 17.4 million units priced at US$10.00 per unit. Each unit is composed of one common share and one-half of a purchase warrant. Each whole warrant is redeemable for one common share at US$11.50 per share.
The company units trade on the Nasdaq big board under the symbol “VHNAU”. Once the securities separate, the company shares and warrants will trade under the ticker symbols “VHNA” and “VHNAW”, respectively.
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The proposed offering is being managed by Mizuho Securities as the sole bookrunner. The company has granted the underwriters a 45-day over-allotment option to purchase additional 2.61 million company units at the same IPO price.
The blank check company will be looking to transact with firms with “a strong connection to India and catering to large addressable market opportunities in India”. The firm is sponsored by Vahanna LLC founded by its chairman Vinode Ramgopal and Akshaya Bhargava, and is led by the co-founder of Indian IT management firm Axiscades, Karan Puri, as its chief executive officer.
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.
