SG-based SPAC firm Fat Projects Acquisition Corp has announced the closing of its $100-million IPO while K Car, a South Korean automotive marketplace fully owned by private equity firm Hahn & Company, has raised $285 million in its IPO.
SG’s Fat Projects Acquisition raises $100m IPO
Singapore-headquartered investment and venture studio Fat Projects Acquisition Corp has announced the closing of a $100-million IPO by offering 10 million units at $10 per unit, according to an announcement.
Each unit consists of one Class A ordinary share and one redeemable warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share.
The Company’s units began trading on the Nasdaq Global Market on October 13, 2021 under the ticker symbol “FATPU.”
Fat Projects was established in 2015 with growth capital deployed across a portfolio of assets in technology, fintech, education, hospitality, e-commerce and food technology.
The company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
The company was co-founded by David Andrada and Tristan Lo, two partners who respectively bring a nexus between 20 years of high-end global banking and a 20-year career built on entrepreneurialism.
EF Hutton, division of Benchmark Investments, LLC, acted as sole book-running manager for the offering.
S Korea’s K Car raises $285m IPO
K Car, a South Korean automotive marketplace fully owned by private equity firm Hahn & Company, has raised $285 million in an initial public offering (IPO).
K Car, which is a second-hand car retailer, was created by Hahn & Company through the merger of SK Encar and Joy Rent a Car.
Approximately 13.5 million shares were sold for KRW25,000 apiece. Hahn & Co. offloaded 12.3 million shares, equivalent to 25% of K Car, for a KRW306.5 billion partial exit.
This development comes three years after the South Korean PE firm bought the entire stake in K Car for about 200 billion won from SK Group. Before that, K Car was named SK Encar.