IPOs

Hedge fund's third SPAC Hudson Executive Investment III files for a $500 million IPO

Hudson Executive Investment III, the third blank company formed by Hudson Executive Capital targeting high-growth industries, filed on Thursday with the SEC to raise up to $500 million in an initial public offering.

The New York, NY-based company plans to raise $500 million by offering 50 million units at a price of $10. Each unit will consist of one share of common stock and one-fifth of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor. At the proposed deal size, Hudson Executive Investment III would command a market value of $625 million.

The SPAC is led by President and Chairman Douglas Braunstein, the founder and Managing Partner of Hudson Executive Capital and former CFO of JPMorgan. He is joined by CEO and Director Douglas Bergeron, a Managing Partner at Hudson and former CEO of Verifone.

The team's previous SPACs include Hudson Executive Investment II (HCIIU; +7% from $10 offer price), which recently raised $225 million in January 2021, and Hudson Executive Investment (HECC; +28%), which raised $360 million in June 2020 and has a pending merger agreement with behavioral healthcare company Talkspace. Hudson Executive Investment III intends to focus on a range of potential opportunities, including technology-driven, disruptive companies with desirable growth-oriented characteristics as well as more mature businesses with attractive cash flow characteristics and long-term, sustainable growth profiles.

Hudson Executive Investment III was founded in 2020 and plans to list on the Nasdaq under the symbol HIIIU. It filed confidentially on September 8, 2020. Citi, J.P. Morgan and Barclays are the joint bookrunners on the deal. 

The article Hedge fund's third SPAC Hudson Executive Investment III 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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