(Bloomberg) — A small Japanese plastic recycling company is gearing up to go public in the US through a SPAC merger this month, even as many IPO hopefuls are delaying or scrapping such plans.
Most Read from Bloomberg
Kawasaki-based Jeplan Inc. plans to merge with special purpose acquisition company AP Acquisition Corp. to debut on the New York Stock Exchange in coming weeks. If the deal moves forward, it would value Jeplan at around $300 million and the merged entity at an estimated $429 million, assuming no additional equity financing or redemptions by AP Acquisition’s investors.
Public listings via SPAC mergers are under heightened investor scrutiny, as redemption rates climb well above 90%. But Jeplan thinks the risk worthwhile. Listing on the NYSE will allow it to access capital from a wider base of investors, enhance its brand and attract additional talent needed to drive further growth, the company said.
“This buys us…
