Gobi Acquisition Corp.’s $250 Million SPAC IPO

Appleby acted as Cayman counsel to Gobi Acquisition Corp. in connection with its Initial Public Offering, while Davis Polk advised the joint book-running managers.

Gobi Acquisition, a blank check company formed by PAG Group targeting businesses with strong APAC connections, filed with the SEC to raise up to $250 million in an initial public offering, planning to list on the Nasdaq under the symbol “GOBI”.

Gobi Acquisition Corp. is sponsored by an affiliate of PAG, one of Asia’s largest private investment management groups with approximately $40 billion of assets under management as of 31 December 2020.

Citi, Goldman Sachs (Asia), and UBS Investment Bank acted as joint bookrunners on the deal.

The Appleby team was led by David Bulley (Picture), Partner in Appleby’s Hong Kong office, and Dean Bennett, Counsel in Appleby’s Cayman office with assistance from Alejandra Gonzalez Saucedo.

Davis Polk advised the joint book-running managers with partner James C. Lin and registered foreign lawyer Moran Zhang. The tax team included counsel Alon Gurfinkel and associate Bradford Sherman. Counsel Marcie A. Goldstein provided FINRA advice.

Involved fees earner: Dean Bennett – Appleby; David Bulley – Appleby; Marcie Goldstein – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; James Lin – Davis Polk & Wardwell; Bradford Sherman – Davis Polk & Wardwell; Moran Zhang – Davis Polk & Wardwell;

Law Firms: Appleby; Davis Polk & Wardwell;

Clients: Citi Ventures; Gobi Acquisition Corp. ; Goldman Sachs (Asia) L.L.C.; UBS Investment Bank;