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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 0.00% . 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 +2.98% 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.

US : U.S.: Nasdaq
$ 9.99
0.00 0.00%
Volume: 12,776
June 24, 2022 2:59p
P/E Ratio
Dividend Yield
Market Cap
$215.41 million
Rev. per Employee
$ 117.32
+3.40 +2.98%
Volume: 14.84M
June 24, 2022 4:00p
P/E Ratio
Dividend Yield
Market Cap
$344.57 billion
Rev. per Employee

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