HPX Corp., a blank check company targeting a business in Brazil, raised $220 million by offering 22 million units at $10. The SPAC had originally planned to raise $200 million. Each unit consists of one share and one-half of a warrant, exercisable at $11.50.
Co-Chairman Bernardo Hees is Chairman of Avis Budget Group (Nasdaq: CAR) and was previously a Partner at Brazil-based private equity firm 3G Capital, where he served as CEO of Kraft Heinz (Nasdaq: KHC) and CEO of Burger King, and before that as CEO of a Brazilian logistics firm.
The primary shareholder is sponsor HPX Capital Partners, managed by the SPAC's three executives; it originally filed with the standard 20% post-IPO stake.
HPX Corp. plans to list on the NYSE under the symbol HPX.U. Credit Suisse acted as lead manager on the deal.
The article Brazil-focused SPAC HPX Corp. prices upsized $220 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.