Real estate SPAC Alset Capital Acquisition files for a $75 million IPO

By Renaissance Capital,

Alset Capital Acquisition, a blank check company backed by Alset EHome International targeting real estate, filed on Thursday with the SEC to raise up to $75 million in an initial public offering.

The Bethesda, MD-based company plans to raise $75 million by offering 7.5 million units at $10. Each unit consists of one share of common stock, one right to received one-tenth of a share upon the completion of an initial business combination, and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Alset Capital Acquisition would command a market value of $98 million.

The company is led by CEO and Chairman Heng Fai Ambrose Chan, the founder and CEO of diversified holding company Alset EHome International (Nasdaq: AEI). The company plans to target the real estate industry, including construction, homebuilding, real estate owners and operators, arrangers of financing, insurance, and other services for real estate, as well as proptech businesses.

Alset Capital Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol ACAXU. The company filed confidentially on December 20, 2021. EF Hutton is the sole bookrunner on the deal.

Source :$75-million-IPO

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