IPOs

Gabelli Group's SPAC PMV Consumer Acquisition files for a $175 million IPO

PMV Consumer Acquisition, a blank check company formed by the Gabelli Group targeting the consumer industry, filed on Thursday with the SEC to raise up to $175 million in an initial public offering.

The Palm Beach, FL-based company plans to raise $175 million by offering 17.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The sponsor, officers, and directors intend to purchase 5% of units in the offering. At the proposed price, PMV Consumer Acquisition would command a market value of $219 million.

The company is led by CEO and Chairman Kasper Jakobsen, the former CEO of global consumer company Mead Johnson Nutrition, and President Joseph Gabelli, a portfolio manager and equity research analyst at the Gabelli Group's GAMCO Investors (NYSE: GBL) with specialization in the consumer sector. Marc Gabelli, who is a managing member of the sponsor, has served as President of GAMCO Investors parent Gabelli Group Capital Partners. The company plans to target a business in the consumer industry with an enterprise value between $200 million and $3.5 billion.

Marc Gabelli is currently the CEO and Chairman of defense SPAC LGL Systems Acquisition (DFNS), which is currently up 1% from the $10 offer price.

PMV Consumer Acquisition was founded in 2020 and plans to list on the NYSE under the symbol PMVC.U. UBS Investment Bank and BTIG are the joint bookrunners on the deal.

The article Gabelli Group's SPAC PMV Consumer Acquisition files for a $175 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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