Tenzing Acquisition Corp: Focused on India
Late Friday, Tenzing Acquisition Corp. filed for a $50 million SPAC IPO with a focus on companies in India that have an enterprise value between $150 million and $500 million.
Tenzing is headed by Rahul Nayar, as CEO, and Parag Saxena, as Chairman. Notably, Mr. Saxena co-founded, was Managing Partner and CEO, of both Vedanta Capital and New Silk Route Growth Capital. Both are private equity companies that collectively manage over $1 billion in assets.
Mr. Nayar has PE experience as well, but more importantly, his bio states that he has SPAC experience via assisting teams source transactions. In particular, ROI Acquisition Corp. II, which was underwritten by Deutsche Bank. Unfortunately, that SPAC had to liquidate when it ran out of time.
This will be the second India-focused SPAC from Maxim Group, the other being I-AM Capital Acquisition Company.
Looking at the structure, once again we are seeing the “one warrant to purchase 1/2 share” term, rather than the typically stated 1/2 a warrant. Additionally, the warrant call for redemption threshold is $21.00 (rather than the standard $18.00), which seems in compensation for the warrant’s “1/2 share”.
Summary of terms are as follows:
- Focus: India (EV between $150 million and $500 million)
- $10.00 unit comprised of one ordinary Share + one warrant to purchase 1/2 Share
- Warrant call for redemption threshold: equals or exceeds $21.00 (cash or cashless exercise)
- 101% held in trust ($10.10 per share)
- 24 months to complete an acquisition
Maxim Group LLC is sole bookrunning manager. Ellenoff Grossman & Schole LLP and Loeb & Loeb LLP are Issuer’s Counsel and Underwriter’s Counsel, respectively.


Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...