Maha Capital AB
LOI (under discussion)Energy · Diversified energy-related assets plus AI-driven B2B credit and payments fintech · Stockholm, Sweden
- What it is
- Maha Capital AB is a Stockholm-based publicly listed company with a diversified portfolio of energy-related assets and financial technology operations
- What it’s doing now
- Merging with Blue Water Acquisition IV (BWIV) — loi (under discussion), announced Apr 28, 2026.
- What you should know
- Data is still being assembled for this company — what is shown below is everything we have verified so far.
The business, per its filings
SEC primaryMaha Capital AB is a Stockholm-based publicly listed company with a diversified portfolio of energy-related assets and financial technology operations. Its subsidiaries hold exposure to Venezuelan energy-related assets that may operate under authorizations issued by the U.S. Office of Foreign Assets Control, including General License 52, and a financial technology platform applying AI-driven underwriting and risk analytics to business-to-business credit and payments for small and medium-sized enterprises, particularly in Latin America and Canada.
Source: 425 EX-99.1 (press release), accession 0001493152-26-019397 · extraction confidence: medium
What the company says about itself
Web research — not auditedKEO Capital (formerly Maha Capital AB) provides B2B payment and working capital solutions. The company helps businesses pay suppliers, manage travel and operational spend, and access working capital through flexible, scalable solutions. It offers local supplier solutions with flexible repayment terms, simplifies global payments in USD, and centralizes travel expenses.
- Markets:
- B2B Payments | Working Capital
- Products:
- Supplier-Driven Early Payment | Flexible Repayment Terms | Transaction-Level Financing | Centralized Payment Management | Global Payments | Travel Expense Management
[WEB-INTEL 2026-08-25] 2 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "BWIV, a US SPAC with approximately USD 130 million cash" [https://www.inderes.dk/en/releases/maha-enters-into-letter-of-intent-for-a-business-combination-with-bwiv-a-us-spac-with-approximately-usd-130-million-cash-resulting-in-a-publicly-traded-company-listed-on-new-york-stock-exchange] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Blue Water Acquisition Corp. IV (BWIV), a US SPAC with ~USD 130m in trust" [https://norwaystocks.substack.com/p/watchlist-update-maha-capitals-spac] [WEB-INTEL 2026-08-25] 3 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "BWIV, a US SPAC with approximately USD 130 million cash" [https://www.inderes.dk/en/releases/maha-enters-into-letter-of-intent-for-a-business-combination-with-bwiv-a-us-spac-with-approximately-usd-130-million-cash-resulting-in-a-publicly-traded-company-listed-on-new-york-stock-exchange] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Blue Water Acquisition Corp. IV (BWIV), a US SPAC with ~USD 130m in trust" [https://norwaystocks.substack.com/p/watchlist-update-maha-capitals-spac] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "reference valuation reflecting Maha's equity market capitalization of $490 million" [https://www.law360.com/articles/2470767/spac-targets-maha-capital-in-490m-energy-fintech-deal]
Source: https://keocapital.com/ · captured Aug 25, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
Maha Capital AB is merging with Blue Water Acquisition IV (BWIV), a $130M SPAC currently marked Deal announced and trading at $9.95 against $10.00 in trust per share.
| Headline equity value | $490M |
How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
No multiple can be computed
We hold no revenue figure in US dollars for Maha Capital AB, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $490M regardless.
We have not extracted a revenue figure for this company from its filings yet. That is our gap, not a statement about the business.
Announced equity value (net debt unknown).
Not extracted from the filings yet.
Not computable — no revenue figure has been extracted from the filings yet.
No listed comparable carries a revenue multiple we can use.
What qualifies the figures above
- The target's cash and debt are not in the filings we have, so this is an equity value used as a stand-in for enterprise value.
- AIG, PAYP, BANX, PICS, IPO-CONU, OCCI, ASIC, GPN, RPAY, AGO, PAGS, OSG have no revenue to divide by, so they are shown but left out of the peer median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| AIG | American International Group, Inc. | $51.9B | — | — | Direct comp: Property & Casualty Insurance (NEC); mega-cap ($51.9bn); shares authorizations, latin, america, general, assets, canada with the target's own description; forward EV/Sales 1.6x.more ▾less ▴ |
| PAYP | PayPay Corp | $2292.8B | — | — | Operational comp: Transaction & Payment Services; mega-cap ($2.29tn); shares credit, payments, financial, driven, related, platform with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| BANX | ArrowMark Financial Corp. | $170M | — | — | Operational comp: Closed End Funds; micro-cap ($170m); shares issued, foreign, plus, assets, diversified, capital with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| PICS | Pics NV | — | — | — | Operational comp: Transaction & Payment Services; shares payments, credit, sized, financial, medium, small with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| IPO-CONU | Concurrent Income and Innovation Fund | — | — | — | Operational comp: Closed End Funds; shares issued, assets, credit, may, diversified, related with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| OCCI | OFS Credit Company Inc | $135M | — | — | Operational comp: Closed End Funds; micro-cap ($135m); shares credit, assets, plus, diversified, capital, related with the target's own description; forward EV/Sales 4.1x.more ▾less ▴ |
| ASIC | Ategrity Specialty Insurance Company Holdings | $1.0B | — | — | Operational comp: Property & Casualty Insurance (NEC); small-cap ($1.0bn); shares underwriting, sized, medium, analytics, small, platform with the target's own description; forward EV/Sales 2.1x.more ▾less ▴ |
| GPN | Global Payments Inc | $18.3B | — | — | Operational comp: Transaction & Payment Services; large-cap ($18.3bn); shares payments, sized, medium, technology, small, business with the target's own description; forward EV/Sales 3.5x.more ▾less ▴ |
| RPAY | Repay Holdings Corp | $333M | — | — | Operational comp: Transaction & Payment Services; small-cap ($333m); shares payments, credit, business, technology, that, including with the target's own description; forward EV/Sales 2.0x.more ▾less ▴ |
| AGO | Assured Guaranty Ltd | $4.1B | — | — | Operational comp: Property & Casualty Insurance (NEC); mid-cap ($4.1bn); shares payments, credit, underwriting, capital, subsidiaries, risk with the target's own description; forward EV/Sales 5.1x.more ▾less ▴ |
| PAGS | PagSeguro Digital Ltd | $14.6B | — | — | Operational comp: Transaction & Payment Services; large-cap ($14.6bn); shares payments, sized, medium, financial, small, under with the target's own description; forward EV/Sales 0.6x.more ▾less ▴ |
| OSG | Octave Specialty Group Inc | $380M | — | — | Operational comp: Property & Casualty Insurance (NEC); small-cap ($380m); shares underwriting, general, risk, energy, related, financial with the target's own description; forward EV/Sales 2.1x.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is Maha Capital AB going public?
Maha Capital AB has a signed merger with the SPAC Blue Water Acquisition IV (BWIV), announced Apr 28, 2026. Deal status: LOI (under discussion).
What is Maha Capital AB's SPAC deal valuation?
The announced headline equity value is $490M.
Was Maha Capital AB bought at an expensive or a cheap valuation?
We hold no revenue figure in US dollars for Maha Capital AB, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $490M regardless.
Does Maha Capital AB have revenue?
The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.
Educational content, not investment advice.
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