James Murdoch is looking to raise $300 million by bringing a special purpose acquisition company, Seven Islands Inc., public.
 
Murdoch is partnering on the venture with Uday Shankar, the former chief executive of media conglomerate Star India and chairman of Walt Disney Co.’s India-based businesses.
 
According to a prospectus filed with the Securities and Exchange Commission on May 11, Seven Islands is looking to merge with companies based in South Asia that focus on the media, entertainment, consumer technology, health care or education sectors.
 
“We intend to identify and acquire a business that could benefit from a sponsor with extensive operational expertise and experience in building and scaling businesses, particularly within the sectors and markets we are targeting,” Seven Islands stated in the prospectus.

Seven Islands will offer 30 million units of stock at $10 a piece, listing on the Nasdaq under the symbol SVNI.
 
Each unit consists of one share of stock and one-fourth of a warrant. Each whole warrant gives the owner the opportunity to buy shares of stock at $11.50 each 30 days after the completion of the company’s “initial business combination” and 12 months from the closing of its offering.
 
Seven Islands will set aside an additional 4.5 million units of stock for a 45-day period for the offering’s underwriters.  

Murdoch heads investment company Lupa Systems, which has made more than 30 investments since launching in 2019 and has offices in New York and Mumbai. He resigned from his post on the board of New York-based media giant News Corp. in July.
 
Shankar ran Disney’s Asia Pacific unit until December. Before Star India was taken over by Disney as a part of its acquisition of 21st Century Fox, Murdoch and Shankar worked at the company together.
 
“Our Sponsor Group brings together unique strengths and leadership acumen across investing, operating and building businesses over time to create significant value for shareholders,” the prospectus stated.