Schiff Hardin Advises I-Bankers Securities as Underwriter in $138M IPO

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Schiff Hardin Advises I-Bankers Securities as Underwriter in $138M IPO

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Schiff Hardin advised I-Bankers Securities, Inc. as underwriter in East Stone Acquisition Corp.’s initial public offering of 12 million Units of its securities. East Stone Acquisition Corp. originally planned to offer 10 million units and raise $100 million, but increased the size of the base offering to $120 million a day before its debut in the public markets. The blank-check company plans to target fintech firms in North America and Asia-Pacific that specialize in online lending, mobile phone payments, smart contracts, and cloud computing. The offering closed on February 24, 2020, and the underwriters exercised their 15% over-allotment option resulting in gross proceeds to East Stone Acquisition Corp. of $138 million.