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By Krystal Hu
(Reuters) – ION Acquisition Corp 1 made its debut on the New York Stock Exchange on Friday after raising $225 million in an initial public offering (IPO), the only current blank-check acquisition company focusing on the Middle East region.
The IPO, which was larger than ION had originally planned, is the latest in a string of listings by special purpose acquisition companies (SPACs), with almost $50 billion raised so far in the United States.
ION shares closed up 4.7% at $10.47.
A SPAC uses capital raised through an initial public offering to buy a private company, usually within two years.
With a specific geography and industry focus, ION Chief Executive Gilad Shany said he wants to target Israeli tech companies at over