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A blank check for industry: Graf Industrial prices $225 million IPO at $10

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Graf Industrial, a blank check company formed by SPAC veteran James Graf to acquire an industrial business worth over $1 billion, raised $225 million by offering 22.5 million units at $10, as expected.

At $10 per unit, the SPAC commands an IPO market value of $281 million.

Graf Industrial plans to list on the NYSE on Tuesday under the symbol GRAF.U. Each unit consists of one share of common stock and one warrant to purchase one-half of one share of common stock (or three-quarters of one share if an acquisition occurs after 15 months from the IPO) at a price of $11.50 per whole share. The underlying securities will eventually be listed on the NYSE under the symbols GRAF (common shares) and GRAF WS (warrants).

EarlyBirdCapital and Oppenheimer & Co. acted as lead managers on the deal.

The article A blank check for industry: Graf Industrial prices $225 million IPO at $10 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.


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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