Since the start of this year, discussions of Special Purpose Acquisition Companies (SPACs) have been everywhere in Asia as technology, healthcare and fintech startups sought out an alternative listing route. While lawyers have noted concerns around the quality of information disclosure and potential for conflicts and corporate governance, it has done nothing to stem the hype. So far in 2021, there has been close to $137 billion worth of SPACs issued globally, according to Refinitiv, with this number reportedly fallen following a regulatory crackdown.

Special purpose acquisition vehicles (SPACs) have been around since the 1990s, but it’s only in the past few months that they have really exploded in the public imagination. As companies with no commercial operations that are formed strictly to raise capital through an initial public offering to acquire an existing company, SPACs have helped to fuel $63 billion of IPO fundraising worldwide in January this year.

As Walmart-owned online retailer Flipkart mulls going public in the U.S. through a merger with a "blank-cheque company" discussions around special purpose acquisition company (SPAC) structures are heating up in India.