Former Rich Lister and serial tech entrepreneur Patrick Grove is on the hunt for an Australian or Asian tech company to buy and take public on the New York Stock Exchange, after an initial public offering that looks set to raise more than $US300 million ($390 million) for a special purpose acquisition company in a heavily oversubscribed funding roadshow.

SPACs are an increasingly common investment vehicle, also sometimes referred to as “blank cheque companies”, which exist as a publicly listed entity with the sole aim of acquiring a private company to list in the shell.