IPOs

Financial services SPAC Horizon Acquisition files for a $500 million IPO

Horizon Acquisition, a blank check company formed by Eldridge Industries targeting the financial services industry, filed on Monday with the SEC to raise up to $500 million in an initial public offering.

The Greenwich, CT-based company plans to raise $500 million by offering 50 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The sponsor or one of its affiliates intends to purchase $155 million worth of units in the offering. At the proposed price, Horizon Acquisition would command a market value of $625 million.

The company is led by CEO, CFO, and Chairman Todd Boehly. Boehly is the co-founder and CEO of Eldridge Industries, a holding company with a network of businesses across finance, technology, real estate, and entertainment. Prior to founding Eldridge, he was President of Guggenheim Partners.

The company intends to focus on the financial services industry, with a focus on innovative platforms that support consumer access to financial wellness solutions, next-generation alternative asset management platforms, traditional financial services businesses requiring a capital infusion due to the current environment and insurance and related offerings, including insurance technology, administration, and other solutions.

Horizon Acquisition was founded in 2020 and plans to list on the NYSE under the symbol HZAC.U. Credit Suisse and RBC Capital Markets are the joint bookrunners on the deal.

The article Financial services SPAC Horizon Acquisition files for a $500 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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