Malaysian blank cheque company Bukit Jalil Global Acquisition 1 and Korean BBQ restaurant chain GEN Restaurant Group have raised IPOs in the US.
Malaysian SPAC Bukit Jalil raises $50m
Bukit Jalil Global Acquisition 1, a Malaysia-based special purpose acquisition company (SPAC), has announced raising $50 million in its initial public offering (IPO) in the US.
The blank cheque company, led by CEO, CFO, and chairman Neil Foo, offered 5 million units at $10 apiece, with each piece consisting of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one-half of a warrant.
The SPAC, which plans to list on Nasdaq under the symbol BUJAU, intends to identify a prospective target business which will not be limited to a particular industry or geographic location.
It also does not have any specific business combination under consideration and has not, directly or indirectly, contacted any prospective target business or had any substantive discussions, formal or otherwise, with respect to such a transaction.
Korea’s GEN Restaurant nets $43m in upsized IPO
GEN Restaurant Group, one of the largest Korean casual dining restaurant concepts by total revenue in the US, has raised $43 million in its upsized IPO by offering 3.6 million shares at $12 each.
The price was at the high end of the range of $10-12 the company was looking at when filing its prospectus with the US Securities and Exchange Commission. It offered 0.6 million more shares than expected.
It plans to list on Nasdaq under the symbol GENK.
Founded by two Korean immigrants Jae Chang and David Ki, GEN Restarurant has grown over the last 10 years to 28 company-owned restaurants. It offers an extensive menu of traditional Korean and Korean-American food, including meats, poultry, seafood, and mixed vegetables.
The company said all 28 restaurants were reopened for indoor dining by March 30, 2021.