The move comes a year after the decade-old startup first floated an IPO plan in June 2021 via a special purpose acquisition company (SPAC). Founded in 2013 by Greg Moran and David Back, Zoomcar had claimed that it would be eyeing markets beyond India after its listing.
Bengaluru-based car rental platform Zoomcar has inked a merger pact worth $456 Mn with blank check firm Innovative International Acquisition Corp and is set to go public on NASDAQ in the US. Following the merger, the combined entity will be renamed Zoomcar Holdings, Inc and will be listed after the transaction is completed in the first half of 2023.
The move comes a year after the decade-old startup first floated an IPO plan in June 2021 via a special purpose acquisition company (SPAC). Founded in 2013 by Greg Moran and David Back, Zoomcar had claimed that it would be eyeing markets beyond India after its listing.
After the merger, Zoomcar stockholders are expected to retain a majority of the outstanding shares of Zoomcar Holdings, Inc and the shares will be initially priced at $10 apiece. When Zoomcar Holdings lists on NASDAQ, $235 Mn will be infused into the operations for tech development and global footprint expansion.
