Consumer-focused SPAC Primavera Capital Acquisition prices upsized $360 million IPO

Primavera Capital Acquisition, a blank check company formed by Primavera Capital targeting a consumer business with a presence in China, raised $360 million by offering 36 million units at $10. The company offered 6 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The company may raise an additional $80 million at the closing of an acquisition pursuant to a forward purchase agreement with Aspex Management and Sky Venture Partners. 

The company is led by CEO, CFO, and Director Max Chen, a Founding Member and Partner of Primavera Capital Group, and Founder Fred Hu, Founding Chairman of Primavera Capital Group. The company plans to target global consumer companies with a significant China presence or a compelling China potential.

Primavera Capital Acquisition plans to list on the NYSE under the symbol PV.U. Credit Suisse and Citi acted as lead managers on the deal.

The article Consumer-focused SPAC Primavera Capital Acquisition prices upsized $360 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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