Latin America-focused SPAC Excelsa Acquisition files for a $250 million IPO

Excelsa Acquisition, a blank check company formed by the founder of Intercorp Perú targeting "Latin America Growth Industries", filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.

The New York, NY-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-third of a warrant, exercisable at $11.50. At the proposed deal size, Excelsa Acquisition would command a market value of $313 million.

The company is led by Chairman Carlos Rodriguez-Pastor, the founder and Chairman of Intercorp Perú and the founder and Managing Partner of private equity firm Nexus Group, and CEO and Director Mark Rosen, who currently serves as Acting Executive Director of the US at the International Monetary Fund and previously was the Deputy Assistant Secretary of International Financial Markets at the US Treasury.

Excelsa Acquisition plans to target industries that service and capitalize on the favorable structural and secular trends of the emerging middle class across Latin America, including financial services, healthcare, retail, education, entertainment, and consumer goods related industrials, which the company refers to as the "Latin America Growth Industries."

Excelsa Acquisition was founded in 2021 and plans to list on the NYSE under the symbol XLSAU. Credit Suisse and J.P. Morgan are the joint bookrunners on the deal.