Grofers, an online grocer, is weighing a plan to go public in the US through a merger with a special purpose acquisition company (SPAC), people familiar with the matter said.
The SoftBank Vision Fund-backed company is working with an adviser, one of the people said, asking not to be named as the information is not public. The grocer is seeking a deal that would value the firm at about $1 billion, another person said.
Deliberations are at an early stage and the company could decide not to proceed with the plan, the people said. A representative for Grofers declined to comment.
The SPACs trend is rapidly spreading beyond the US, with blank-check companies springing up in recent months to focus on targets in Asia, or with ties to the region.
James Murdoch and former president of Walt Disney Asia Pacific Uday Shankar are seeking a blank-check vehicle to acquire Asian companies, Bloombe