Byju’s in talks with SPACs to go public within 4 weeks

Byju’s is in talks with at least three SPACs to go public via a merger within three to four weeks, Bloomberg reported.

The Indian edtech major is in discussions for a merger with Churchill Capital and MSD Acquisition Corp, among others. While Hollywood executive Harry Sloan could back the merger, Altimeter Capital Management is conducting due diligence ahead of a potential offer.

Byju’s has opted for a SPAC merger instead of a traditional public listing as the company reportedly sees value in having US-based investors and strategic partners.

Currently, unlisted companies in India cannot go public directly on foreign stock exchanges.

The edtech firm is also looking to raise a pre-IPO funding round worth US$750 million to US$1 billion. Goldman Sachs is advising the firm on the fundraising and SPAC talks, while Morgan Stanley is helping weigh the Indian firm’s options for a merger.

See also: Byju’s aims to be profitable by FYE 2022 despite acquisition spree