Lupa Systems and former Walt Disney Asia Pacific president Uday Shankar have launched Seven Islands Inc, a new blank-cheque company aiming to raise $300 million to invest in the South and Southeast Asian region. The SPAC will invest in the media, entertainment, consumer technology, healthcare, and education industries in Southeast and South Asia, with a particular focus on India. After a frenetic quarter for SPACs, the fad around this listing alternative is coming to “a more normalised cadence” with stakeholders growing warier of its potential risks, according to international law firm Morrison & Foerster. IPOs of US SPACs plummeted to 13 in April, compared to record highs in the first three months of 2021 when it continued to trend upwards month-over-month to hit 110 in March. But, SPACs, currently still a US phenomenon, are poised to spread across other regions including Greater China.