ATMS Advisors LLP

A Special Purpose Acquisition Company or **C - also called a "blank check company" - is a shell company set up with the aim of raising money through an Initial Public Offering ( ), to eventually acquire an operating company. S**Cs are another way for companies to get late-stage growth capital, in addition to PE/VC money.

reports that the average S**C IPO size grew from USD 36 million in 2009 to over USD 300 million in the first half of 2021 alone.

A S**C IPO is often structured to offer investors a unit of securities consisting of shares of common stock and warrants, both of which are traded. S**C promoters (sponsors) generally purchase equity in the S**C at more favorable terms than investors in the IPO or subsequent investors in the open market.

While it is not possible to structure S**Cs in India for regulatory reasons, Indian companies (particularly, technology companies) or their foreign subsidiaries can be an interesting acquisition target for S**Cs.

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