Vikasa SPAC withdraws plan for IPO, 10 months after initial filing

Vikasa SPAC Series I Acquisition Corp.
VSSAU
disclosed Monday that it was withdrawing its filing for its $200 million initial public offering. The blank check company, which was looking to go public, so it can buy a private company and take it public, had filed for an initial public offering in March 2022, through the sale of 20.0 million shares at an offering price of $10.00 per share. Vikasa said its management team includes professionals in the investment, sustainable technology and clean energy industries. Vikasa said in Monday’s withdrawal that its IPO filing had not been declared effective by the Securities and Exchange Commission, and said it was withdrawing the IPO filing because “it is not currently pursuing a public offering of securities.” The company’s withdrawal of its IPO comes at a time of relative investor disdain for IPO shares, as the Renaissance IPO ETF
IPO,
+3.19%
has fallen 1.4% over the past three months while the S&P 500
SPX,
+1.19%
has gained 7.4%.