The registration form S-1 was published on the website of the U.S. Securities and Exchange Commission (SEC). The company plans to list on NASDAQ. The underwriters are EarlyBirdCapital and Sova Capital.
Rakishev owns 94% of the newly created company through Oxus Capital PTE. After the IPO, he will be left with just over 19%. Independent directors of Oxus - Shiv Vikram Khemka of the Indian Sun Group, Christophe Charlier, known in Russia for his work in Onexim Group and Renaissance Capital, and Sergei Ivashkovsky (founder of Eurasia Investment Partners, previously worked in Trust Bank, Rosnano, Gazprombank, Prosperity Capital and East Capital) have small shares in the capital. Along with the market placement, the founder of Oxus will bring his personal funds into the company as part of a private placement (this is a standard scheme for SPAC-companies transactions).
Kenes Rakishev will acquire Oxus warrants for $6.15 million, with the two underwriters contributing $375,000 each. The funds raised will be placed in a special trust account with Goldman Sachs to finance the future transaction. Oxus intends to look for acquisition targets in segments such as energy storage, battery materials, and infrastructure for electric vehicles, and names the CIS, Southeast Asia, the Middle East, and North Africa as priority regions.
Kenes Rakishev's holding Fincraft owns Battery Metals Technologies Ltd., which plans to produce metals for electric car batteries, and it also has investments in a number of startups in the field of energy technology.