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  • Southeast Asia

James Murdoch launches Asia-focused SPAC

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  • Tim Burroughs
  • 14 May 2021
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James Murdoch, son of media tycoon Rupert Murdoch, has launched a special purpose acquisition company (SPAC) that will pursue deals in Southeast and South Asia, with a particular focus on India.

The SPAC sponsor is controlled by Lupa Systems, a joint venture between Lupa Systems, a private investment firm established by Murdoch in 2019, and Uday Shankar, formerly chairman and CEO of Star India and president of 21st Century Fox Asia. Murdoch (pictured) previously held leadership positions at 21st Century Fox, News Corporation, and Sky Group. In the early 2000s, he was CEO of Star, driving growth in India, Southeast Asia, and Taiwan.

Lupa has made more than 30 investments since its inception, including three in India: VerSe Innovation, best known for news app Dailyhunt, which has raised more than $400 million in funding and is valued at more than $1 billion; online learning platform Harappa Education; and Class 21A Technologies, operator of science and math-focused education service Doubtnut, which is backed by Sequoia Capital India and Tencent Holdings, among others.

The SPAC, Seven Islands Inc, will consider opportunities across media, entertainment, consumer technology, healthcare, and education. It expects rising consumer demand and spending power to support rapid expansion in these areas. Relatively young demographics and trends around technology penetration and digitalization are also key factors.

“We foresee several growth drivers and market dynamics that are common across our core sectors of interest, including rapid expansion in mobile data affordability, widespread internet connectivity, and disruptive digitization. Against this backdrop, we believe that we are uniquely positioned to capitalize upon these trends, capture the opportunities in the region, and unlock the potential for target businesses,” the prospectus states.

Seven Islands is looking to raise $300 million through the sale of 30 million units – rising to 34.5 million if the overallotment option is fully exercised – at $10 apiece. Each unit comprises one class A ordinary share and one-quarter of one redeemable warrant. Each whole warrant can be converted into a common share at a price of $11.50 per share.

Once a target is identified, a majority of investors must vote in favor of the transaction. On completion, they can exercise their warrants and purchase shares or redeem some or all their shares for cash. If there is no deal within 24 months of the offering, investors get their money back.

The SPAC sponsor has agreed to acquire $8.5 million in warrants. In addition, the sponsor and management have subscribed to common shares for a nominal sum that will convert into a 20% stake in the entity on completion of the offering.

There has been an unprecedented amount of SPAC fundraising activity globally over the past 18 months. More than $83 billion was raised across 248 offerings in 2020 and $101.3 billion from 313 offerings in 2021 to date, according to SPACInsider. Various Asia-based PE firms and individuals with industry experience have launched SPACs, often with global remits but targeting assets that can benefit from expansion in the region. Similarly, Asian companies are being targeted by SPACs of all kinds.

More recently, fundraising has been curtailed by several warnings and one regulatory intervention by the US Securities & Exchange Commission (SEC).

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