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Russia-focused SPAC Kismet Acquisition One files for a $250 million IPO

July 21, 2020

Kismet Acquisition One, a blank check company formed by Kismet Capital Group targeting a Russian business, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.

The Moscow, Russia-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. The company may raise an additional $20 million at the closing of an acquisition pursuant to a forward purchase agreement with its sponsor. At the proposed price, Kismet Acquisition One would command a market value of $318 million. 

The company is led by CEO and Director Ivan Tavrin, the founder and Principal of investment firm Kismet Capital Group. Tavrin previously served as the CEO of PJSC MegaFon, Russia's second largest telecommunications operator, and before that, he founded UTH Russia, one of the largest independent media broadcasting groups in Russia. Kismet Acquisition One plans to target companies in the telecommunications infrastructure, internet and technology, and consumer goods and services sectors operating in Russia.

Kismet Acquisition One was founded in 2020 and plans to list on the Nasdaq under the symbol KSMTU. The company filed confidentially on June 16, 2020. Credit Suisse and BofA Securities are the joint bookrunners on the deal.