The IPO Buzz: Golden Star Acquisition Prices $60M IPO – 1st Deal in May

Go for the gold. An Asia-focused SPAC – Golden Star Acquisition Corp. (GODNU) – raised $60 million on Monday night (May 1, 2023). The deal – the first in May and the 13th SPAC IPO of 2023 –  was priced in sync with the terms in its prospectus: 6.0 million units at $10.00 each. The IPO rose 1.6 percent to open at $10.16 at 11:43 a.m. EDT today (Tuesday, May 2, 2023) NASDAQ . Volume: About 1.73 million shares. Golden Star Acquisition edged up another penny to trade at $10.17, up 1.7 percent from its SPAC IPO price, shortly before noon EDT today. At the closing bell, Golden Star Acquisition was at $10.15 – up 15 cents for a gain of 1.5 percent in its first day of trading on NASDAQ. Volume totaled about 5.84 million shares.

Ladenburg Thalmann was the sole book-runner.

Each unit consists of one ordinary share of common stock and one right to receive two-tenths (2/10) of an ordinary share upon the consummation of the initial business combination. Rights must be held in multiples of five, the prospectus says. When the securities underlying the units trade separately, the stock will trade under the symbol – GODN – and the rights will trade under the symbol – GODNR.

The size of Golden Star’s IPO was cut in February to 6.0 million units – down from 10.0 million units initially – according to an S-1/A filing.

Golden Star Acquisition Corp., based in New York, will search for target companies with strategic significance in the Asian markets. Its shopping list will concentrate on businesses with an enterprise value between $300 million and $400 million. Target sectors will include the Internet and high technology, financial technology (FinTech, including technology applied in financial services or used to help companies manage the financial aspects of their business), clean energy, health care, consumer and retail, energy and resources, food processing, manufacturing and education, according to the prospectus.

(For more information about this company, please check the IPO Calendar and the individual IPO Profiles found on’s website.)

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