Kochi: McLaren Technology Acquisition Corporation led by Keralite entrepreneur Sajan Pillai, has been listed on Nasdaq, the leading US stock exchange. McLaren is a California-based company started this year by Sajan Pillai, who was the former CEO of an IT company called ‘UST Global’.

It is a ‘blank check company’ aimed at capital stock exchange, asset acquisition, stock purchase, reorganisation or similar business combination.

The company has an initial public offering (IPO) of $17.50 crore which is approximately Rs 1,300 crores. A unit consists of one share and half of a warrant. It was trading at $10 per share.

Blank check companies that help other companies’ stock market listings are trending in the US. The McLaren Technology Acquisition Corporation targets transactions in companies in the banking, financial services and insurance sectors that work on AI, machine learning, digital, technology and fintech possibilities. Last year, Sajan Pillai had said that he would raise $100 crores to invest in start-ups.