L Catterton, a private equity firm founded by Louis Vuitton owner LVMH and French billionaire Bernard Arnault, has launched a blank-check firm that aims to raise about $250 million in an initial public offering, a regulatory filing showed.

Founded in 1989, L Catterton has $22 billion in assets under management and has invested in companies such as Indian telecom firm Jio, exercise bike maker Peloton Interactive Inc and online used car seller Vroom Inc.

L Catterton Asia Acquisition Corp, a special purpose acquisition company (SPAC), will target firms in the consumer technology sectors across Asia, it said in a filing on Monday.

The SPAC, led by managing partners of L Catterton Asia, will sell 25 million units, made up of shares and warrants, priced at $10 a piece on the Nasdaq.

A SPAC is a shell company that raises money in an IPO to merge with a privately held company that then becomes publicly traded as a result. SPACs have emerged as a popular IPO alternative for companies looking to go public with less regulatory scrutiny.

Credit Suisse is the underwriter for the offering.

By Noor Zainab Hussain; Editor: Shinjini Ganguli