Kingswood Acquisition Corp (KWAC), a special purpose acquisition company (SPAC) has closed its initial public offering (IPO) on the New York Stock Exchange, raising $115 million.

KWAC is led by executive chairman Gary Wilder, who is also group chief executive of transatlantic wealth manager Kingswood, and Michael Nessim, president of Kingswood US. Mr Nessim joined the firm when Kingswood first entered the US market, buying his business Manhattan Harbor in May 2019.