SPAC Copley Acquisition eyes US$150 million NYSE IPO, seeks targets in tech, lifestyle sectors
The SPAC is managed and backed by executives from Pacific Aegis Capital Management, Gobi Partners and Hermitage Capital
Copley Acquisition, a special purpose acquisition company (SPAC) backed by Hong Kong-based investment firms Pacific Aegis Capital Management (PACM), Gobi Partners and Hermitage Capital, plans to raise US$150 million on the New York Stock Exchange (NYSE).
The SPAC priced its initial public offering (IPO) of 15 million units at US$10 each, according to its filing to the US Securities and Exchange Commission on Friday.
The listing of the SPAC could be in February 2025, subject to regulatory approval. The proceeds will be used to combine with merger targets in the technology and lifestyle sectors in North America and Asia-Pacific, excluding China.
“We are eyeing opportunities supported by the equity market pickup, especially when the new [US] administration takes office next year,” Francis Ng, co-CEO of Copley, said on Monday. “The listed SPAC should be able to benefit from the market momentum next year.”
Copley said in the filing that the technology and lifestyle industries, particularly those that are major beneficiaries of next-generation technology, provide “ample business combination opportunities”.
