BHAV Acquisition II, a special purpose acquisition company (SPAC) targeting businesses across robotics, electric vehicles, fintech, advanced computing, and energy technology, has reduced the size of its proposed initial public offering (IPO) by 33%. The Piscataway, New Jersey-based company now plans to raise $100 million, down from its original proposal to raise $150 million.
Company Background
Founded in 2026, BHAV Acquisition II is led by CEO and Director Giri Devanur, founder and Executive Chairman of reAlpha Tech (Nasdaq: AIRE). Devanur has previous SPAC experience and concurrently serves as CEO of BHAV Acquisition (Nasdaq: BHAV), which raised $100 million in its March 2026 IPO and has not yet announced a business combination.
CFO and Director Chaitanya Setti also serves as CFO of BHAV Acquisition, giving the two SPACs overlapping leadership.
IPO Details and Revised Terms
BHAV Acquisition II now plans to raise $100 million by offering 10 million units at $10 each. The company had previously filed to offer 15 million units at the same price, which would have raised $150 million.
Each unit consists of one share of common stock and one-fourth of a right to receive a share upon completion of a business combination. The company plans to list on the Nasdaq under the ticker symbol BHAIU.
Maxim Group LLC is serving as the sole bookrunner for the offering. The available information does not specify the expected pricing date.
Target Sectors and Acquisition Strategy
BHAV Acquisition II intends to pursue businesses in robotics, electric vehicles, drones and unmanned aerial systems, fintech, quantum and advanced computing, and advanced energy technology.
These target sectors span several technology and financial services markets. However, the company has not disclosed a specific acquisition target, and the available information does not identify a preferred sector or provide details about its planned acquisition criteria beyond the stated areas of focus.
Market Context and Considerations
The reduction in the proposed IPO size lowers the amount BHAV Acquisition II intends to raise at listing, while the unit price remains unchanged at $10. The revised offering represents a smaller initial capital pool for the SPAC as it seeks a business combination.
The presence of a separate SPAC under the same CEO and CFO is also relevant to understanding the management structure. BHAV Acquisition has already raised $100 million but has not announced a business combination, according to the source. No further details are provided about how the two vehicles will coordinate their acquisition activities or allocate management resources.
Risks and Challenges
BHAV Acquisition II has not identified a specific acquisition target, leaving the eventual business combination and its terms uncertain. Its proposed size reduction also changes the amount of capital intended to be raised through the IPO, although the source does not explain the reason for the revision.
The company’s broad target list covers multiple industries, but the available information does not establish how it will prioritize opportunities or assess potential transactions. Any future acquisition will depend on the target’s characteristics, transaction terms, and completion of the business-combination process.
Closing Insights
BHAV Acquisition II has reduced its proposed IPO from $150 million to $100 million while maintaining a $10 unit price. Led by executives with experience at another SPAC, the company intends to pursue acquisition opportunities across several technology-focused sectors. Its next significant developments will be the completion of the offering and the identification of a business combination, neither of which is confirmed by the available information.
