Byju's to go public through a SPAC deal; aims $48 billion valuation
Category: #business  By Vikas M  Date: 2021-12-18
  • share
  • Twitter
  • Facebook
  • LinkedIn

Byju's to go public through a SPAC deal; aims $48 billion valuation

Indian edtech company, Byju's is reportedly involved in advance talks for going public via a merger with one of Churchill Capital's special-purpose acquisition companies.

Sources cite that the startup has had talks with many potential SPAC partners and is about to sign an agreement with Churchill Capital.

As per earlier terms discussed, Byju's would raise around $4 billion and aim for reaching a valuation of about $48 billion. Estimates have it that the startup was valued at $21 billion.

Negotiations on this deal are still not final with an announcement expected to be made in January. Churchill or Byju's could still elect out for such a deal, and Byju's could undertake an IPO in India next year.

It was remarked earlier that the edtech giant had discussed the SPAC merger with Altimeter Capital Management and MSD Acquisition Corp.

Based on current regulations of the U.S., any India-headquartered company could not go public through conventional initial public offerings.

This year, India's technology sector has witnessed massive growth, with IPO fundraisings on track to achieve record levels. Venture capital companies have also further stepped their investments in the country, incited by a Communist Party clampdown in China, making the market less favorable.

Furthermore, Byju's has been targeting to file initial documents for a traditional initial public offering around the second quarter of 2022 and was considering a SPAC merger.

The Bangalore-headquartered company, Byju's was established, founded and led by former teacher Byju Raveendran, which offers K-12 lessons and video material to millions of Indians studying for the country's competitive engineering and medical entrance exams.

It also offers one-on-one coding, reading & math classes, and material to students in North America, the Middle East, and Latin American countries.

Source Credit - https://www.business-standard.com/article/markets/byju-s-in-talks-to-go-public-via-spac-deal-to-raise-4-bn-report-121121600597_1.html

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Vikas M    

...

Read More

More News By Vikas M

WHO: novel drugs may support fight against COVID-19 in 2022
WHO: novel drugs may support fight against COVID-19 in 2022
By Vikas M

World Health Organisation’s (WHO) Regional Director for Europe, Hans Kluge has reportedly stated that new drugs developed against COVID-19 will intensify the survival rate for patients suffering from severe COVID conditions in 2022. The Europe...

France’s deal with Merck for Covid antiviral drug collapses post trial
France’s deal with Merck for Covid antiviral drug collapses post trial
By Vikas M

The French health authority has been reluctant to authorize Merck’s Covid antiviral pill France has called off its order for Covid antiviral drug developed by American pharmaceutical giant Merck following unsatisfactory trial results. Accord...

Siam Piwat launches ONESIAM SuperApp to consolidate retail experience
Siam Piwat launches ONESIAM SuperApp to consolidate retail experience
By Vikas M

Strengthening its position as the thought leader, Siam Piwat Company Limited, one of the leading retail and real estate developers, is reportedly introducing the ONESIAM SuperApp – the World of Astonishing Experiences, which will bring together...