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Energy-focused SPAC Makara Strategic Acquisition files for a $250 million IPO

February 28, 2022

Makara Strategic Acquisition, a blank check company targeting the natural resources, clean energy, or energy storage sectors, filed on Monday with the SEC to raise up to $250 million in an initial public offering.

The company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. At the proposed deal size, Makara Strategic Acquisition would command a market value of $315 million. 

Makara Strategic Acquisition is led by Chairman Amin Badr-El-Din, the founder and Chairman of BADR Investments; CEO and Director Ali Ahmad, the Managing Partner of Makara Capital; and CFO Alexander Booth, the founder and Managing Director of DSP LLC. The company seeks to leverage management's experience and target opportunities in the Americas, Europe, or Asia that focus on natural resources, minerals, and related infrastructure, energy storage and efficiency, renewable energy, as well as related environmental infrastructure, utilization and storage, among others.

The Princeton, NJ-based company was founded in 2021 and plans to list on the Nasdaq under the symbol MKARU. Makara Strategic Acquisition filed confidentially on November 10, 2021. EF Hutton is the sole bookrunner on the deal.