IPOs

Cloud-focused Founder SPAC files for a $275 million IPO

Founder SPAC, a blank check company targeting the cloud and other digital transformation sectors, filed on Monday with the SEC to raise up to $275 million in an initial public offering.

The Houston, TX-based company plans to raise $275 million by offering 27.5 million units at $10 per unit. Each unit contains one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, the company would command a market value of $344 million. 

Founder SPAC is led by CEO and Director Osman Ahmed, Investor at KCK Group, CFO Manpreet Singh, founder and CIO of Singh Capital Partners, and Executive and Director Hassan Ahmed, co-founder and former CEO of Affirmed Networks, which was acquired by Microsoft in 2020. The company aims to leverage managements experience to target the technology sector, with a specific focus on digital transformation, which it views as the migration of compute and business processes to the cloud. 

The company was founded in 2021 and plans to list on the Nasdaq under the symbol FDSPU. Founder SPAC filed confidentially on June 2, 2021. Jefferies is the sole bookrunner on the deal.

The article Cloud-focused Founder SPAC files for a $275 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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