Innovate Corporation Limited, a Special Purpose Acquisition Company (SPAC), proposes to list its shares on the recognised stock exchange under the prescribed regulatory framework. The company desirous to raises USD 25 Mi

In accordance with the IFSCA (Listing) Regulations, 2024, a Special Purpose Acquisition Company (SPAC) is eligible to raise capital through initial public offer of specified securities on the recognised stock exchange, subject to the following conditions amongst others: (i) Issue size: Not less than USD 50 million or any other amount as may be specified by the Authority from time to time. Further, the sponsors shall hold at least 15% and not more than 20% of the post issue paid up capital. (ii) Minimum Application Size: The minimum application size in an initial public offer of SPAC shall be USD 100,000. Allotment to investors shall be on proportionate basis or discretionary basis, as disclosed in the offer document. Whereas, in this case, Innovate Corporation Limited is proposing to make IPO worth USD 25 Million which is less than USD 50 Million as required under IFSCA (Listing) Regulations, 2024, hence it is not meeting the first condition. Further, the minimum application size is USD 50,000 which is less than USD 100,000 per application, hence the company is also not meeting the second requirement. Therefore, under the given scenario, Innovate Corporation Limited is not complying the listing compliances of SPACs under the regulatory provisions.