Ajax I, a blank check company formed by Och-Ziff's Daniel Och and MSD Capital's Glenn Fuhrman, raised $750 million by offering 75 million units at $10, as expected. Each unit consists of one share of common stock and one-quarter of a warrant, exercisable at $11.50.
To screen for upcoming or past SPAC IPOs, sign up for a free trial of IPO Pro.
Ajax I is implementing a different economic structure than most SPACs by reducing its sponsor's promote to 10%, which it believes will create a competitive advantage in executing a deal.
The company is led be CEO and Director Daniel Och, founder and former CEO of Och-Ziff Capital Management (now Sculptor Capital Management) and former Co-Head of US Equities Trading at Goldman Sachs, and President and Director Glenn Fuhrman, co-founder and former Co-Managing Partner at MSD Capital. The board is comprised of Kevin Systrom, co-founder and former CEO of Instagram; Anne Wojcicki, co-founder and CEO of 23andme; Square co-founder Jim McKelvey; and Steve Ells, founder and former CEO of Chipotle.
Ajax I plans to target the internet, software, fintech, and consumer industries, focusing on companies with defensible business models, large and growing end markets, and superior unit economics.
Ajax I plans to list on the NYSE under the symbol AJAX.U. Goldman Sachs, Citi and J.P. Morgan acted as joint bookrunners on the deal.
The article Och-Ziff founder's SPAC Ajax I prices $750 million IPO at $10 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.