The Daily Dish (08/24/21)

ReNew Power’s SPAC Deal May Pave a Path for Indian Unicorns 

Investors are keeping a keen eye on the deal between ReNew Power and RMG Acquisition Corp, as it could pave the way for a slew of similar transactions that could enable Indian Unicorns raising billions from global markets through SPACs.

ReNew Power, one of India’s largest leading renewable energy producers is the first Indian company to raise more than $1 Billion through the SPAC deal. Previous SPAC deals involving Indian companies include online travel agency Yatra’s $218 Million deal in 2016 and Satellite television provider Videocon’s $370 Million raise in 2015.

Since India doesn’t permit companies to sell shares on overseas exchanges through an IPO, the only alternative for private companies is to go public through a SPAC deal.

US-listed SPACs are increasingly turning their attention towards Asia for deals as the number of viable acquisition candidates in North America dwindles. India has over 100 unicorns and is a target-rich environment.

Varsity Tutors Close to Completing SPAC Deal 

Nerdy, the parent company of ed-tech firm Varsity Tutors is close to completing its SPAC Deal with TPG Pace Tech Opportunities.

TPG has scheduled a meeting with the shareholders on September 14th to vote on approval of the deal. After the completion of the deal, Nerdy will be listed on the New York Stock Exchange with the ticker ‘NRDY’.

Founded in 2007, Varsity started as a tool to connect people with home tutoring and test prep but has since become a ‘live learning company’. Essentially, Varsity now offers an array of online tools for everything from immersive online instruction to self-study.

Nerdy and TPG announced the proposed deal back in January with the combined company valued at $1.7 Billion. The deal between the two entities was expected to close in the second quarter of this year but significant due diligence by the SEC resulted in a delay.

Direct Selling Acquisition Planing $200 Million IPO Listing

Direct Selling Acquisition has just filed its $200 Million IPO to list on the NYSE in the hopes of taking a direct selling business public.

The SPAC is looking at targets with valuations between $500 Million and $2 Billion and will trade under the ticker ‘DSAQ.U’.

The Multilevel marketing industry is estimated to be valued at more than $35 Billion and involves over 6.2 million sellers.

Direct Selling Acquisition is being led by CEO Dave Wentz who is the former CEO of Utah based USANA Health Sciences, a multi-level marketing health products company that is listed on the New York Stock Exchange.

Mike Lohner will serve as the CFO and use his expertise as co-founder and Chief Strategy Officer of Austin Based card-linked offer platform DOSH, which sold in March for $275 million.

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