IPOs

General Catalyst's SPAC Health Assurance Acquisition files for a $500 million IPO

Health Assurance Acquisition, a blank check company formed by General Catalyst targeting healthcare technology, filed on Monday with the SEC to raise up to $500 million in an initial public offering.

The Cambridge, MA-based company plans to raise $500 million by offering 50 million units, which the company calls SAIL (Stakeholder Aligned Initial Listing) securities, at a price of $10. Each SAIL security consists of one share of common stock and one-quarter of a warrant, exercisable at $11.50. At the proposed deal size, Health Assurance Acquisition would command a market value of $525 million. Sponsor General Catalyst and an affiliated charitable foundation will receive a promote of only 5%, with additional "alignment shares" rewarded for outsized post-merger returns over a series of years.

The company is led by CEO and Chairman Hemant Teneja, who is a Managing Partner at General Catalyst Partners and serves on the boards of Livongo, Samsara, Gusto, Grammarly, Mindstrong, and ThoughtSpot. Teneja also previously founded Commure and co-founded Advanced Energy Economy, and currently serves as the Chairman of both companies. Health Assurance Acquisition's mission is to partner with leading healthcare businesses leveraging technology, aiming to help them become iconic category winners that accelerate the digital transformation of healthcare into a new system of health assurance.

Health Assurance Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol HAAC.U. The company filed confidentially on September 28, 2020. Morgan Stanley is the sole bookrunner on the deal. 

The article General Catalyst's SPAC Health Assurance 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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