IPOs

Lion Capital's second SPAC Leo Holdings II files for a $350 million IPO

Leo Holdings II, a second blank check company formed by Lion Capital executives targeting consumer businesses, filed on Monday with the SEC to raise up to $350 million in an initial public offering.

The London, United Kingdom-based company plans to raise $350 million by offering 35 million units at a price of $10. Each unit consists of one ordinary share and one-third of one warrant exercisable at $11.50. At the proposed deal size, Leo Holdings would command a fully diluted market value of $438 million. 

The company is led by CEO Lyndon Lea and CFO Robert Darwent, who together co-founded Lion Capital in 2004. Their previous SPAC, Leo Holdings, recently completed a business combination with Digital Media Solutions (DMS; -27% from $10 offer price) in July of this year. Lea and Darwent are joined by Chairman Ed Frost, who is Chairman, Partner, and a member of the Investment Committee at Lion Capital and previously served as CEO of Cushman & Wakefield. Leo Holdings II plans to leverage its management's experience, as well as its affiliation with Lion Capital, to target a company in the consumer sector and produce attractive risk-adjusted returns for shareholders.

Leo Holdings II was founded in 2020 and plans to list on the NYSE. The company has not selected a ticker yet (RC ticker: LHII.RC). Deutsche Bank and Credit Suisse are the joint bookrunners on the deal.

The article Lion Capital's second SPAC Leo Holdings II files for a $350 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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