Carey Olsen advises on US$110 million SPAC IPO on Nasdaq
Carey Olsen's corporate team in the Cayman Islands has advised MAK Acquisition Corp., a special purpose acquisition company ("SPAC"), on its initial public offering on the Toronto Stock Exchange ("TSX").
The SPAC intends to focus its search for target businesses within the technology sector, with an emphasis on companies positioned to benefit from strong private-sector demand for growth and margin expansion, as well as historic public-sector investment in defence and space. The SPAC's units began trading on 29 October 2025 on the TSX under the ticker symbol "MAK.V".
On 29 October 2025, MAK Acquisition Corp. announced the closing of its IPO of 10,000,000 units, plus an additional 1,000,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full. The offering was priced at US$10.00 per unit, resulting in gross proceeds of US$110,000,000.
The Company’s management team is led by technology executives Matt Proud and Avjit Kamboj, who bring a proven track record of building and scaling technology companies as well as completing value generating M&A.
Working alongside lead counsel Goodmans LLP, the Carey Olsen team advising the SPAC on the Cayman legal and regulatory aspects of the IPO comprised partner Dylan Wiltermuth and associates Todd Wierenga and Nich Vasic. Canaccord Genuity Corp. acted as lead underwriter and sole bookrunner for and on behalf of a syndicate that includes CIBC Capital Markets. Bennett Jones LLP acted as legal advisor to the underwriters for the offering.
Dylan said: "It was a pleasure to bring together our extensive capital markets capabilities and experience advising on SPAC listings in the Canadian Market on this IPO. The deal is also the latest example of the Cayman Islands' continuing appeal as a leading jurisdiction for offshore IPOs thanks to its well-known structures."
