SPAC Ocean Capital Acquisition ups offering by 67% ahead of $100 US IPO, targeting established businesses
IPO Overview
Ocean Capital Acquisition, a blank check company led by Hong Kong-based investment manager Stephen Sze, raised the proposed deal size for its upcoming IPO on Friday.
The New York, NY-based company now plans to raise $100 million by offering 10 million units at a price of $10. The company had previously filed to offer 6 million untis at the same price. Each unit contains one share of common stock and one right to receive one-seventh of a share of common stock. At the midpoint of the revised deal size, Ocean Capital Acquisition will raise 67% more in proceeds than previously anticipated and command a market value of $136 million.
Ocean Capital Acquisition is led by CEO and Chairman Stephen Sze, who previously co-led Proficient Alpha Acquisition from its 2019 IPO until it merged with Lion Group Holding （LGHL） in 2020. While the SPAC did not specify a target sector or geography, it plans to target established businesses with compelling economics, potential for high recurring revenue, defensible market position, and successful management teams.
Ocean Capital Acquisition was founded in 2021 and plans to list on the NYSE under the symbol OCACU. A.G.P. is the sole bookrunner on the deal.
About the Company
We are a blank check company incorporated in the British Virgin Islands on August 20, 2021 as a business company with limited liability. We were formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities, which we refer to as a “target business.” Our efforts to identify a prospective target business will not be limited to a particular industry or geographic location. However, we will not undertake our initial business combination with any PRC entity with a VIE structure. As a result, this may limit the pool of acquisition candidates we may acquire in the PRC, in particular, due to the relevant PRC laws and regulations against foreign ownership of and investment in certain assets and industries, known as restricted industries, which include but are not limited to, value-added telecommunications services （inclusive of internet content providers）。 We do not have any specific business combination under consideration and we have not （nor has anyone on our behalf）， directly or indirectly, contacted any prospective target business or had any substantive discussions, formal or otherwise, with respect to such a transaction.