IPOs

Pacific Century and Thiel Capital's SPAC Bridgetown Holdings prices $550 million IPO at $10

Bridgetown Holdings, a blank check company formed by Pacific Century and Thiel Capital targeting "new economy" sectors in Southeast Asia, raised $550 million by offering 55 million units at $10. The company originally planned to offer 50 million units before increasing the unit offering on Wednesday. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.

The company is led by CEO, CFO, and Director Daniel Wong, who currently serves as an SVP at investment group Pacific Century Group, a Hong Kong-based investment firm founded by Richard Li; and Chairman Matt Danzeisen, who is Head of Private Investments at Thiel Capital, an investment firm founded by his husband Peter Thiel. Directors include former Y Combinator President and current OpenAI CEO Sam Altman, RRE Ventures Partner Jay Hass, and LINE Corp CFO In Joon Hwang. The SPAC plans on targeting a company in Southeast Asia with operations or prospective operations in the technology, financial services, or media sectors.

Bridgetown Holdings plans to list on the Nasdaq under the symbol BTWNU. UBS Investment Bank and BTIG acted as joint bookrunners on the deal.

The article Pacific Century and Thiel Capital's SPAC Bridgetown Holdings prices $550 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.

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