IPOs

Fortress Investment Group's fifth SPAC Fortress Value Acquisition IV files for a $600 million IPO

Fortress Value Acquisition IV, the fifth blank check company formed by executives at Fortress Investment Group, filed on Friday with the SEC to raise up to $600 million in an initial public offering.

The New York, NY-based company plans to raise $600 million by offering 60 million units at $10. Each unit consists of one share of common stock and one-eighth of a warrant, exercisable at $11.50. At the proposed deal size, Fortress Value Acquisition III would command a market value of $750 million.

The company is led by Chairman Andrew McKnight and CEO and Director Joshua Pack, both of whom are managing partners at Fortress Investment Group. The company has not identified a target industry or geography.

Fortress' previous SPACs include Fortress Value Acquisition III (FVT.U; +10% from $10 offer price), which raised $200 million in January; Fortress Capital Acquisition (FCAX.U; +7%), which raised $350 million in January; Fortress Value Acquisition II (FAII.U; +28%), which raised $300 million this past August, and Fortress Value Acquisition, which went public this past April and completed its acquisition of US rare earth play MP Materials (MP; +351%) in November. Fortress was also involved in 2017 IPO Mosaic Acquisition, which completed its acquisition of Vivint Smart Home (VVNT; +88%) in January 2020.

Fortress Value Acquisition IV was founded in 2020 and plans to list on the NYSE under the symbol FVIV.U. Deutsche Bank, BofA Securities and PJT Partners are the joint bookrunners on the deal.

The article Fortress Investment Group's fifth SPAC Fortress Value Acquisition IV files for a $600 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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