KOCHI: McLaren Technology Acquisition Corporation, a venture of US-based Keralite Sajan Pillai, has closed its Nasdaq IPO worth Rs 1,500 crore.
It is for the first time in the history of Nasdaq that a special purpose acquisition company (SPAC) promoted by a Malayalee investor has got listed. This is also the second such firm of Indian origin to get listed at Nasdaq. SPACs are publicly-traded investment vehicles that raise funds via an initial public offering (IPO) in order to complete a targeted acquisition.
This is also the first banking and insure-tech-focused SPAC of Indian origin to get listed on Nasdaq. McLaren Technology 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.
After the IPO, the company's shares started trading under the ticker symbol 'MLAIU' on November 3.
This venture of Sajan Pillai, who has been the CEO of the multinational IT company UST Global for two decades, will benefit Indian start-ups, which are primarily in the fin-tech segment.
“Numerous start-ups have emerged in the fin-tech sector with innovative ideas based on Artificial Intelligence and Machine Learning in Kerala as well as other states in India. We provide an opportunity for such promising start-ups to easily venture into the global market. McLaren's leadership and management team include many Keralites with experience in leading global IT/software companies. We are proud to list on NASDAQ a venture that is the first of its kind featuring Keralites. We strive to bring its benefits to young entrepreneurs in India,” said Sajan Pillai, chairman and CEO, McLaren Technology.
Rajeev Nair and Murali Gopalan serve as Chief Financial Officer and Chief Operating Officer of McLaren Technology respectively.