McLaren Technology Acquisition Corp. closes at a high in its IPO at NASDAQ

This is the second Indian-promoted SPAC to go for a listing at NASDAQ and the first banking and insurtech focused SPAC of Indian origin.

McLaren Technology Acquisition Corp., backed by Sajan Pillai has closed at $201,250,000 during its Initial Public Offering on NASDAQ. The offering included $2.625 million units issued to underwriters upon full exercise of their overallotment option.

It becomes the first banking and insurtech focused SPAC of Indian origin to be listed at NASDAQ. The stock debuted on NASDAQ at $10.05 and closed at $10.07 on November 3 on a volume of 15,344,818.

The IPO is led by the goal to rev up investments and incubate B2B tech start-ups in India. The SPAC aims to identify and acquire promising start-ups focusing on the banking, financial services, and insurance sectors that use artificial intelligence, machine learning, and digital technology in their offerings.

Companies with enterprise valuation between $600 million and $2 billion falls under the focus area of the SPAC.

The offering consisted of one share of the Class A common stock and one-half of one redeemable warrant. The holders of each whole warrant were entitled to purchase one share of Class A common stock at a price of $11.50 per share.

Once the securities comprising the units begin separate trading, shares of the Class A common stock and warrants are already listed under the symbols 'MLAI' and 'MLAIW,' respectively.

“The overwhelming response to the Nasdaq IPO will enable McLaren to aggressively on-board proven deep tech start-ups and growing companies in banking, financial services and insurance sector, primarily from India,” Sajan Pillai, CEO, McLaren Technology Acquisition Corporation, said.

Rajeev Nair and Murali Gopalan serve as chief financial officer and chief operating officer, of McLaren Technology Acquisition Corporation respectively. Mizuho Securities USA LLC acted as the sole book-running manager for the offering.