23andMe – Going Public through a SPAC Merger

Case Code: FINC204 Case Length: 11 Pages Period: 2020-21 Pub Date: 2023 Teaching Note: Available

Price: Rs.200 Organization: 23andMe Holding Co Industry: Healthcare and Services Countries: United States Themes: Capital Markets & Investments, Stock Market

Abstract Case Intro 1 Case Intro 2 Excerpts

Stock Market Debut

In June 2021, US-based Genetic Testing company 23andMe Inc. (23andMe), popular for its gene testing kits, made its debut in the stock market. What was unique about its listing was the route the company had opted to take to get listed. It listed through a Special Purpose Acquisition Company (SPAC), owned by British entrepreneur and businessman Richard Branson (Branson). Several other companies had also opted to go public through a merger with a SPAC, as it was considered to be an easier route to going public compared to the traditional Initial Public Offerings (IPOs)..

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