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Apollo-backed SPAC files for $400 million U.S. IPO

Acropolis Infrastructure Acquisition Corp, a blank-check firm backed by an affiliate of Apollo Global Management Inc, is looking to raise $400 million through a U.S. initial public offering, according to a regulatory filing on Monday.

June 7 (Reuters) - Acropolis Infrastructure Acquisition Corp, a blank-check firm backed by an affiliate of Apollo Global Management Inc APO.N, is looking to raise $400 million through a U.S. initial public offering, according to a regulatory filing on Monday.

The special purpose acquisition company (SPAC) plans to sell 40 million units, composed of shares and warrants, priced at $10 per unit.

SPACs are publicly listed shell companies, which raise funds with the intention of merging with a private entity within two years of floating their shares, allowing companies to go public while sidestepping a traditional IPO and the hassles and scrutiny associated with it.

Although the volume of global blank-check deals has outstripped last year's record, investors are worried that SPACs have taken many companies public at valuations that are too high, leading investors to nurse losses after rallies reversed following a steep climb in share prices after the deals were announced. https://reut.rs/2Rvuoar

Acropolis said it plans to list its shares and warrants on the New York Stock Exchange under the ticker symbol "ACRO" and "ACRO WS", respectively.

Credit Suisse, Apollo Global Securities, Citigroup, Barclays and Evercore ISI were among the underwriters for the offering.

(Reporting by Sohini Podder in Bengaluru; Editing by Amy Caren Daniel)

((sohini.podder@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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