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SPAC Investcorp India Acquisition prices $225 million IPO, targeting opportunities in India

May 10, 2022

Investcorp India Acquisition, a blank check company formed by Investcorp Group targeting businesses in India, raised $225 million by offering 22.5 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 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 plans to list on the Nasdaq under the symbol IVCAU. Credit Suisse acted as sole bookrunner on the deal.