[The Outline By Inc42 Plus] Indian Startups’ SPAC-tacular Dreams

Dear Reader, Sometime in May 2019, India’s renewable energy unicorn ReNew Power shelved its US IPO plans due to the uncertainties surrounding the country’s sustainable energy policy. Unable to land the IPO cash, the company was on the verge of exploring asset sales to raise funds. But what happened next was a piece of financial wizardry. By February 2021, the Goldman Sachs-backed company was on its way to get publicly listed on the NASDAQ without the shenanigans of an IPO roadshow. The procedure was simple enough. ReNew Power announced plans to merge with New York-based RMG Acquisition Corporation II, a... This is an Inc42 Plus Member Exclusive story. Read this story on Inc42.