Trans-India Acquisition Corp, a US-based `blank check' investment firm interested in acquiring pharma companies in India, is tapping the Nasdaq Stock Market with an initial public offer to raise about $90 million (over Rs 400 crore).Trans-India Acquisition, which has ICICI Bank chairman Narayan Vaghul as its chairman and director, is the latest in the line of firms tapping the overseas equity markets to raise funds for acquisitions or operations in India.Cayman Islands-based India Hospitality Corp (IHC) raised $100 million (about Rs 460 crore) through an initial public offer on the London Stock Exchange recently to fund acquisitions of hotels in India. IHC shares were listed on the LSE earlier this month.Domestic BPO major WNS raised about $90 million through an IPO at $20 dollars on the New York Stock Exchange late in July to fund its India operations.Another BPO major EXLService is also in process for listing its shares on Nasdaq and has filed an IPO prospectus with the US Securities and Exchange Commission.Trans-India Acquisition, which is promoted by an American citizen of Indian origin Bobba Venkatadri, aims to deploy the IPO proceeds for acquisition of companies in India, particularly from the life sciences sector.The company has offered 10 million units in the IPO at $8 with each unit consisting of one common stock share and one warrant. Each warrant entitles the holder to purchase one common stock share at a price of $5, the company said in its filing with the SEC earlier this month.
