Millennium India Acquisition Company, Inc. completed its IPO yesterday, selling 7,250,000 units at $8.00 per unit. The gross proceeds totaled $58 million, down substantially from the $80 million that the company was looking to raise when it filed its initial S-1 on April 10, 2006. A total of $56,662,500, equal to $7.82 per share (calculated on the basis of 7,250,000 shares), has been placed into a trust account. This balance includes $1,557,500 in fees that have been deferred by the underwriter and $2,250,000 from the sale of warrants to certain of the insiders in a private placement. In the event that the company is liquidated, neither the underwriter nor the insiders will receive any of the funds placed into the escrow account.
Each unit consists of one share of common stock and a warrant to purchase one additional shares at $6.00 per share.
Millennium India Acquisition Company, Inc. is going to focus its efforts on acquiring “one or more businesses that have operations primarily in India. While our efforts in identifying a prospective target business will not be limited to a particular industry, we intend to focus on privately owned businesses within the financial services, healthcare, infrastructure and consumer, retail and hospitality sectors. However, we will review a business opportunity presented to us in any industry sector.”
There is no word yet as to whether or not the underwriter has exercised its over-allotment option.
The securities will be listed on the American Stock Exchange. The units (MQC-U) will begin trading on Monday. The common shares (MQC) and warrants (MQC-W) will begin trading separately at a later date.
The final prospectus:
sec.gov |
