IPOs

App-focused SPAC dMY Technology Group III files for a $250 million IPO

dMY Technology Group III, the third blank check company formed by Niccolo de Masi and Harry You targeting an app business, filed on Friday with the SEC to raise up to $250 million in an initial public offering.

The Las Vegas, NV-based company plans to raise $250 million by offering 25 million units at a price of $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, dMY Technology Group III would command a market value of $313 million.

The company is led by CEO and Director Niccolo de Masi, CIO of Resideo Technologies (NYSE: REZI) and former CEO of Glu (Nasdaq: GLUU), and Chairman Harry You, who founded GTY (Nasdaq: GTYH) in 2016 and has served as its Vice Chairman since 2019. The SPAC plans to target companies in the consumer technology ecosystem that are either consumer-facing or support the infrastructure of consumer apps, with enterprise values between $1 billion and $3 billion

The pair's previous SPACs include February 2020 IPO dMY Technology Group (DMYT; +33% from $10 offer price), which is pending a business combination with Rush Street Interactive, and August 2020 IPO dMY Technology Group II (DMYD.U; +3%).

dMY Technology Group III was founded in 2020 and plans to list on the NYSE under the symbol DMYI.U. The company filed confidentially on September 29, 2020. Goldman Sachs acted is the sole bookrunner on the deal. 

The article App-focused SPAC dMY Technology Group III files for a $250 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

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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