Energy-focused SPAC Bluescape Opportunity Acquisition lowers deal size by 18% ahead of $575 million IPO
Bluescape Opportunities Acquisition, a blank check company formed by Bluescape Energy Partners targeting the energy and industrial sectors, lowered the proposed deal size for its upcoming IPO on Monday.
The Dallas, TX-based company now plans to raise $575 million by offering 57.5 million units at a price of $10. The company had previously filed to offer 70 million units at $10. Each unit will now consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Units originally contained one-third of a warrant. At the revised deal size, Bluescape Opportunities Acquisition will raise -18% less in proceeds than previously anticipated.
Bluescape is the latest in a series of SPACs to lower the proposed deal size. Another large SPAC, CONX Corp (CONXU), announced on Monday it would lower its proposed deal size to $750 million.
The company is led by CEO and Chairman John Wilder, founder and Executive Chairman of Bluescape Group and Executive Chairman of Bluescape Energy Partners. The company plans to leverage its management team's experience and target the energy and industrial sectors.
Bluescape Opportunities Acquisition was founded in 2020 and plans to list on the NYSE under the symbol BOAC.U. Citi and Barclays are the joint bookrunners on the deal.
The article Energy-focused SPAC Bluescape Opportunity Acquisition lowers deal size by 18% ahead of $575 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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