Investcorp India Acquisition, a blank check company formed by Investcorp Group targeting businesses in India, lowered the proposed deal size for its upcoming IPO on Thursday.
The Cayman Islands-based company now plans to raise $225 million by offering 22.5 million units at $10. The company originally filed in June 2021 to offer 25 million units at the same price. At the revised deal size, Investcorp India Acquisition will raise -10% less in proceeds than previously anticipated. Each unit still consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
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. Kalghatgi is also an advisor to Founder SPAC (FOUN; +0.2% from IPO), which has a pending merger agreement with waste software provider Rubicon Technologies. He is joined by Principal Financial Officer and Director Dean Clinton, who serves as the Cayman Islands Country Officer for Investcorp Group's Cayman Islands operations.
The SPAC plans to target the healthcare, software, consumer services, IT services, business-to-business or fintech sectors primarily in India, with an enterprise value in excess of $1 billion.
Investcorp India Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol IVCAU. Citi and Jefferies are the joint bookrunners on the deal.
