Nemi Corp. agreed to go public through a business combination with BHAV Acquisition Corp. The deal values Nemi at a US$400 million pre-money equity value. The combined company expects to list on Nasdaq under the ticker NEMI.
Transaction terms
BHAV's sponsor agreed to vote in favor and not redeem its shares. The deal includes a US$30 million minimum available closing cash condition. Nemi is also targeting a US$50 million PIPE at US$10 per share.
Company operations
Nemi operates more than 300,000 square feet of manufacturing space in India. It serves over 50 enterprise customers in aerospace, defense, and automotive markets. Its Manufacturing-as-a-Service business grew revenue 38% year over year in fiscal 2025.
The AI platform
Nemi is building the Large Manufacturing Model, or LMM, to automate product design, engineering, and manufacturing. Anvil handles design and engineering, Orion targets factory operations and robotics, and Atlas covers commercial and after-sales work. The company reports design work finished about three times faster on recent programs.
Closing is expected in the first quarter of 2027, subject to shareholder and regulatory approvals. Nemi plans to use proceeds to expand factory capacity, acquire manufacturers, and develop the LMM and Phase 2 robotics. It also expects to fund working capital from the transaction.