IPOs

Asia-focused SPAC Greencity Acquisition prices $40 million IPO at $10

Greencity Acquisition, a blank check company focused on businesses in Asia, raised $40 million by offering 4 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. At pricing, Greencity Acquisition commands a market value of $53 million. 

The company is led by CEO Ming Zhang, who currently serves as Managing Director of SBI Financial China; Chairman Jinlong Liu, who currently serves as CEO of Shanghai Midai Automobile; and CFO Jianmin Yu, who currently is an Executive Director of Shanghai Midai Automobile. Greencity Acquisition states that its target business will not be limited to a particular geographic region, but it intends to focus on businesses that have a connection to the Asian market.

Greencity Acquisition plans to list on the Nasdaq under the symbol GRCYU. Ladenburg Thalmann acted as a lead manager on the deal.

The article Asia-focused SPAC Greencity Acquisition prices $40 million IPO at $10 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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