Altimeter Growth Corp., a blank check company formed by Altimeter Capital targeting the tech sector, filed on Friday with the SEC to raise up to $450 million in an initial public offering.
The Menlo Park, CA-based company plans to raise $450 million by offering 45 million units at $10. Each unit consists of one share of common stock and one-quarter of a warrant, exercisable at $11.50. The company may raise an additional $200 million at the closing of an acquisition pursuant to forward purchase agreements with Altimeter Capital and JS Capital. At the proposed deal size, Altimeter Growth Corp. would command a market value of $563 million.
The company is led by CEO and Chairman Brad Gerstner, the founder and CEO of Altimeter Capital. The company plans to target a business in a secular-growth area of the technology sector that will compound growth over the long-term for exponential value creation. The company states that it is not prohibited from pursuing a combination with a company that is affiliated with Altimeter.
Altimeter Growth Corp. was founded in 2020 and plans to list on the Nasdaq, but has not selected a ticker yet (RC ticker: AGC.RC). The company filed confidentially on September 3, 2020. Citi, Goldman Sachs and Morgan Stanley are the joint bookrunners on the deal.
The article Altimeter Capital's tech SPAC Altimeter Growth Corp. files for a $450 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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