IPOs

Fortress Investment's second SPAC Fortress Value Acquisition II files for a $300 million IPO

Fortress Value Acquisition II, the second blank check company formed by executives at Fortress Investment Group, filed on Friday with the SEC to raise up to $300 million in an initial public offering.

The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed price, Fortress Value Acquisition II would command a market value of $375 million. 

The company is led by CEO Andrew McKnight and Chairman Joshua Pack, both of whom are managing partners at Fortress Investment Group. The company has not identified a target industry or geography, but plans to acquire a business that could benefit from a hands-on owner with extensive investment and operational expertise and that presents potential for an attractive risk-adjusted return profile under our stewardship.

Fortress' previous SPAC Fortress Value Acquisition (FVACU) is up 52% from its April 2020 and recently announced an agreement to acquire US rare earth play MP Materials. I was also involved in 2017 IPO Mosaic Acquisition, which completed its acquisition of Vivint Smart Home (VVNT) in January 2020 and closed Friday up 55%.

The New York, NY-based company was founded in 2020 and plans to list on the NYSE under the symbol FAII.U. Fortress Value Acquisition II filed confidentially on June 24, 2020. Deutsche Bank, Morgan Stanley, and BofA Securities are the joint bookrunners on the deal.

The article Fortress Investment's second SPAC Fortress Value Acquisition II files for a $300 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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