BHAV Acquisition Corp successfully completed its initial public offering with the sale of 10 million units at $10.00 apiece, bringing total gross proceeds of $100 million, the company said in a statement. The offering structure placed the full $10.00 per unit into a trust account held by Continental Stock Transfer & Trust Company acting as trustee.
Each unit contains one Class A ordinary share and one right. The rights carry a fractional entitlement: each right permits the holder to receive one-fourth of one Class A ordinary share should BHAV Acquisition Corp consummate an initial business combination. That fractional-share structure will determine how holders are allocated shares upon completion of a qualifying transaction.
The units started trading on the Nasdaq Global Market under the ticker BHAVU on March 19, 2026. The company said that when the component securities of the units begin trading separately, the Class A ordinary shares and the rights will be listed on Nasdaq under the symbols BHAV and BHAVR, respectively.
Management listed in the filing includes Giri Devanur as Chief Executive Officer and Director and Chaitanya Kumar Setti as Chief Financial Officer and Director. The company stated it intends to deploy the net proceeds of the offering to identify, pursue and complete a business combination with one or more target companies.
Maxim Group LLC acted as the sole book-running manager for the offering. In the underwriting agreement, BHAV granted the manager a 45-day option to buy up to 1.5 million additional units at the public offering price less the underwriting discount to cover potential over-allotments.
Regulatory clearance for the offering came when the U.S. Securities and Exchange Commission declared the registration statement on Form S-1 effective on March 18, 2026. The company was formed as a special purpose acquisition company - a vehicle established to effect a merger, share exchange, asset acquisition, stock purchase or similar business combination with one or more businesses.
Offer mechanics and structure
The offering’s mechanics are straightforward: 10 million units at $10.00 each, with the full proceeds placed in trust and an over-allotment option of up to 1.5 million units exercisable within 45 days. The rights embedded in each unit are fractional, entitling holders to one-fourth of a share upon a completed business combination.
Trading and listing notes
Units trade initially as a bundled security under BHAVU. Once the units are separated, investors should expect Class A shares and rights to trade under BHAV and BHAVR respectively on Nasdaq.