Miluna Acquisition Corp, a newly formed special purpose acquisition company (SPAC) targeting high-growth businesses across Asia, priced its initial public offering (IPO) at $10 per unit, raising $60 million. The listing underscores renewed investor interest in smaller, regionally focused SPACs, as market sentiment stabilizes after a year of volatile deal flow. The offering comes amid cautious optimism in the broader IPO market, with investors looking for disciplined vehicles that can identify scalable targets in the technology and consumer sectors.
Company Background
Miluna Acquisition Corp is a blank-check company led by seasoned investment professionals and corporate executives with extensive experience in cross-border mergers, private equity, and public listings. The SPAC’s stated goal is to pursue acquisitions in sectors such as technology, fintech, and advanced manufacturing—industries that are central to Asia’s structural growth trajectory.
The company is chaired by veteran dealmaker Jonathan Lee, who previously led multiple regional mergers and acquisitions for major investment groups in Hong Kong and Singapore. Chief Executive Officer Angela Wong, a former managing director at a global investment bank, brings two decades of experience in capital markets and corporate finance. Together, the leadership team aims to leverage their regional networks to identify companies with strong fundamentals and scalable business models positioned for long-term growth.
IPO Details
The SPAC priced its IPO at $10 per unit, consisting of one Class A ordinary share and one right to receive one-tenth of a share upon the completion of a business combination. The company sold 6 million units, generating gross proceeds of approximately $60 million. The deal represents a 20% reduction in the original offering size, reflecting a more disciplined approach amid evolving investor appetite for SPAC structures.
Miluna’s units are expected to begin trading on the Nasdaq under the ticker “MILNU,” with the ordinary shares and rights trading separately under “MILN” and “MILNR,” respectively, once eligible. EF Hutton, a division of Benchmark Investments, acted as the sole book-running manager for the offering. The SPAC plans to focus on identifying acquisition targets valued between $300 million and $500 million, primarily in Greater China and Southeast Asia.
Market Context & Opportunities
Miluna’s debut comes as the SPAC market seeks to regain footing following a prolonged period of cooling issuance and tighter regulatory oversight in both the U.S. and Asia. While investor enthusiasm for speculative listings has waned, well-managed SPACs with credible sponsors and defined regional strategies continue to attract institutional capital.
Asia’s mid-cap technology and fintech ecosystem presents a fertile hunting ground for acquisition opportunities. According to recent data from Dealogic, private equity deal flow in the region grew 14% year-on-year in the first half of 2025, highlighting the availability of high-quality private firms seeking public market access. For investors, Miluna’s disciplined deal-making approach could offer exposure to emerging leaders in innovation-driven industries at an early stage.
Risks & Challenges
Despite its strategic focus, Miluna faces several headwinds typical of the SPAC model. Regulatory scrutiny of blank-check companies remains heightened, particularly around disclosure standards and investor protections. Market volatility, currency fluctuations, and geopolitical tensions across Asia could also delay or complicate merger execution.
Additionally, competition for attractive targets is intensifying, as many SPACs are still searching for suitable deals within their investment windows. The company’s success will depend on its ability to identify a target with both solid fundamentals and a clear path to profitability—an increasingly high bar in the current macroeconomic climate.
Outlook
Miluna Acquisition’s $60 million IPO signals a cautious but continuing recovery in the SPAC segment, particularly for vehicles with regional expertise and disciplined financial strategies. While questions remain about investor appetite and regulatory constraints, Miluna’s leadership and focus on Asia’s fast-growing sectors position it well to navigate a more mature post-SPAC landscape. Whether its eventual acquisition will redefine value creation in emerging markets—or blend into the broader wave of capital-raising efforts—will depend on execution and timing in the months ahead.
