Fintech SPAC Motive Capital prices upsized $360 million IPO at $10
Motive Capital, a blank check company formed by Motive Partners targeting the fintech sector, 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-third of a warrant, exercisable at $11.50. The company may raise an additional $140 million at the closing of an acquisition pursuant to a forward purchase agreement with affiliates of Motive Partners.
The company is led by Executive Chairman Rob Heyvaert, founder and Managing Partner of specialist private equity firm Motive Partners, and CEO and Director Blythe Masters, an Industry Partner at Motive Partners and former CEO of enterprise blockchain fintech Digital Asset. Motive Capital plans to leverage its management team's experience and target the fintech sector, primarily focusing on banking and payments, capital markets, data and analytics, insurance, and investment management.
Motive Capital plans to list on the NYSE under the symbol MOTV.U. UBS Investment Bank and J.P. Morgan acted as lead managers on the deal.
The article Fintech SPAC Motive Capital prices upsized $360 million IPO at $10 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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