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May 19, 2022, 8:15 a.m. EDT

Near Intelligence going public on Nasdaq via SPAC merger

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By Steve Gelsi

Near Intelligence Holdings Inc. said Thursday it plans to go public on the Nasdaq for trading under the ticker symbol "NIR" through a merger with a special purpose acquisition company that values the Pasadena, Calif.-based marketing data service provider at about $1 billion. Near Intelligence said it will merge with KludeIn I Acquisition Corp. /zigman2/quotes/225081176/composite INKA +0.20% . The deal will generate gross proceeds of $268 million. The two sides also inked a $100 million equity financing facility with a unit of Cantor Fitzgerald LP. Near Intelligence equity holders Sequoia Capital, Telstra Ventures, JP Morgan Chase & Co. /zigman2/quotes/205971034/composite JPM +0.44% and Greater Pacific Capital agreed to convert their ownership stakes into the equity of the company. Near Intelligence also plans to raise $95 million in a private placement as part of the deal. Near founder and CEO Anil Mathews said, "Going public provides us the credibility and currency to double-down on growth." KludeIn I Acquisition Corp. went public on Jan. 11 in a deal that raised $172.5 million with underwriter BTIG LLC.

/zigman2/quotes/225081176/composite
US : U.S.: Nasdaq
$ 10.01
+0.02 +0.20%
Volume: 239.00
July 1, 2022 10:23a
P/E Ratio
56.39
Dividend Yield
N/A
Market Cap
$215.41 million
Rev. per Employee
N/A
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/zigman2/quotes/205971034/composite
US : U.S.: NYSE
$ 113.11
+0.50 +0.44%
Volume: 5.54M
July 1, 2022 1:39p
P/E Ratio
8.36
Dividend Yield
3.55%
Market Cap
$330.74 billion
Rev. per Employee
$463,153
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