Investcorp Acquisition, a blank check company formed by Investcorp Group targeting businesses in India and ASEAN, filed on Monday with the SEC to raise up to $250 million.
The Cayman Islands-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Investcorp Acquisition would command a market value of $313 million.
The company is led by Principal Executive Officer and Director Nikhil Kalghatgi, who is currently the Head of Alternative Investments at S.P. Hinduja Banque Privee, and Principal Financial Officer Dean Clinton, who is currently the Cayman Islands Country Officer for Investcorp Group's Cayman Islands operations. The company plans to target the consumer, financial, technology, technology-enabled, healthcare, or media sectors in primarily India and the Association of Southeast Asian Nations (ASEAN) region, focusing on businesses with enterprise values between $700 million and $2 billion.
Investcorp Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol IVCAU. The company filed confidentially on March 24, 2021. Citi and Jefferies are the joint bookrunners on the deal.
