SPACs look to India for next wave of acquisition targets, says Nomura

Nomura also expects more initial public offerings in India this year, with sentiment buoyed by the post-debut performance of recently listed companies

Blank-check companies are increasingly looking to India for acquisition targets, which will keep the country’s recent dealmaking streak going, according to Nomura Holdings Inc.
 

ReNew Power last week agreed to merge with a US-listed special purpose acquisition company in a deal that will give India’s biggest renewable power producer an enterprise value of $8 billion. Online grocer Grofers is also looking to go public in the US through a merger with a blank-check company, Bloomberg News reported in February.

“SPAC-led transactions are expected to increase in the coming years in India,” Utpal Oza, head of investment banking for India at