Harneys advises on US$115 million IPO for Asia-focussed SPAC

Aura FAT Projects Acquisition Corp, a special purpose acquisition company (SPAC) co-sponsored by Singapore-headquartered Aura Group and Fat Projects, announced that it has raised US$115 million in its initial public offering (IPO) on the Nasdaq Global Market. The SPAC will focus on new emerging technology companies with growth potential in Southeast Asia and Australia, in sectors such as blockchain, cryptocurrency, digital ledger, e-gaming, and other new fintech and services sectors. Harneys advised the SPAC, which is incorporated in the Cayman Islands on both BVI and Cayman Islands matters, and acted on instructions from US firm Nelson Mullins.

The Harneys team was led by Partner George Weston, and included Partners Christopher Hall and Phillip Graham, and Associate James Kitching.

George said: “We are very pleased to have worked on this deal and further strengthened our track record in the offshore SPAC sector. We congratulate Aura FAT Projects Acquisition Corp on its successful listing.”

The corporate team at Harneys has a leading Equity Capital Markets (ECM) practice with substantial experience regarding all aspects of capital raising by offshore companies, including IPOs and secondary offerings, rights issues, equity linked securities, including convertible and exchangeable bonds, SPACs and business combinations, as well as private placements, take-privates, takeovers and spin-offs. The firm’s ECM expertise lie in advising entities listed or listing on all major stock exchanges, including the New York Stock Exchange, NASDAQ, the London Stock Exchange, AIM, the Hong Kong Stock Exchange, Shanghai Stock Exchange and the Luxembourg Stock Exchange.”