Real estate firm's SPAC Simon Property Group Acquisition prices $300 million IPO

Simon Property Group Acquisition, a blank check company formed by Simon Property Group, raised $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50.

The company is led by Chairman David Simon, the CEO and Chairman of Simon Property Group (SPG); CEO and Director Eli Simon, who currently serves as SVP of Corporate Investments at SPG; and CFO Brian McDade, who currently serves as CFO of SPG. Simon Property Group Acquisition plans to target a business or assets with significant growth potential and prospects to create value in the public markets. The target will likely be in an industry that will benefit from the experience, expertise, and operating skills of the management team and SPG.

Simon Property Group Acquisition plans to list on the NYSE under the symbol SPGS.U. Goldman Sachs acted as a lead manager on the deal.

The article Real estate firm's SPAC Simon Property Group Acquisition prices $300 million IPO originally appeared on IPO investment manager Renaissance Capital's web site

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.


More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.