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Maso Capital's SPAC Duddell Street files for $175M IPO

Hong Kong-based Duddell Street Acquisition Corp. filed for an IPO of 17.5 million units at $10.00 apiece.

The offering comes with a 45-day option for the underwriters to buy up to 2,625,000 additional units. Each unit comprises 1 class A ordinary share and one-half of 1 redeemable warrant, with each whole warrant exercisable to buy 1 class A ordinary share at $11.50 apiece.

The company's sponsor, Duddell Street Holdings Ltd., committed to buy 5.5 million warrants at $1.00 apiece in a private placement that will close concurrently with the IPO closing.

The special purpose acquisition company, which is affiliated with Hong Kong-based multistrategy investment manager Maso Capital Partners Ltd., aims to focus on global businesses in telecommunications, media and technology; healthcare; financial technology; and consumer sectors with strong growth potential in Asia.

The gross proceeds from the IPO and the concurrent private placement are expected to be roughly $207.3 million, assuming the full exercise of the overallotment option. Of the proceeds and including the full exercise of the overallotment option, approximately $201.3 million will be deposited into a trust account for working capital following the closing of the IPO, with Continental Stock Transfer & Trust Co. serving as trustee.

The company has applied to list its units on the Nasdaq Capital Market under the symbol DSACU, and its class A ordinary shares and warrants will be listed on Nasdaq under the respective symbols DSAC and DSACW.

BofA Securities Inc. is the bookrunner and underwriter for the IPO.