SPAC VIKASA SPAC Series I Acquisition files for a $200 million IPO, targeting energy transition

VIKASA SPAC Series I Acquisition, a blank check company targeting energy transition, filed on Friday with the SEC to raise up to $200 million in an initial public offering.

The Nichols Hills, OK-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of warrant, exercisable at $11.50. At the proposed deal size, VIKASA SPAC Series I Acquisition would command a market value of $250 million.

The company is led by CEO Ajit Kumar, the founder of Energy Metals Fund and V Shape Investment Management and former Head of Mining Investments for Ivanhoe Capital, and CFO and Director Abi Adeoti, the Senior Director of Financial Planning & Analysis at Twitter and former Senior Finance Director at Intel. The company plans to leverage management's experience in renewable energy to target a business facilitating the transition of the energy industry toward decarbonization and sustainability.

The company was founded in 2021 and plans to list on the Nasdaq under the symbol VSSAU. VIKASA SPAC Series I Acquisition filed confidentially on January 18, 2022. Cantor Fitzgerald is the sole bookrunner on the deal.