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Byju's in talks to go public via SPAC deal at $48 billion valuation

Byju's is in talks for a U.S. listing through a deal with veteran dealmaker Michael Klein's blank-check firm that could value edtech firm $48 billion, a source told Reuters on Thursday.

Discussions with Churchill Capital's special-purpose acquisition company (SPAC) about the deal, that could happen in mid-2022, are in advanced stages with plans to raise around $4 billion, the source added.

While the negotiations are not final, Byju's will also consider a dual listing and if the deal does not come through, the company could seek a listing in India next year, the source said.

In the U.S., several companies have used the SPAC route to go public. SPACs, or special purpose acquisition companies, are publicly listed investment vehicles that have no operations and are raised with the intention of merging with a private company.

Earlier this year, top Indian startups like food delivery firm Swiggy and Byju's wrote to the country's Prime Minister asking him to expedite a policy that allowed Indian firms to list directly on foreign exchanges.

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