The SPAC has backing from high-profile Indian entertainment figures and several leading media companies in the country. It is aiming to begin acquiring film, TV and other media outfits in 2022, continuing the recent global trend of purpose-created acquisition companies in the creative landscape. Its focus will primarily be initially in India but international deals are not being ruled out.
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IMAC will offer 20,000,000 units at a price of $10 per unit on the Nasdaq, trading under IMAQU, from July 29. The initial offering is expected to close on August 2. Chardan Capital Markets is operating as book-running manager.
Reliance Entertainment has been one of the most active entertainment companies in India in recent years. The Reliance group works across movies, music, sports, gaming, internet and mobile portals, and more.
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