IPOs

Real estate tech SPAC ICG Hypersonic Acquisition files for a $250 million IPO

ICG Hypersonic Acquisition, a blank check company formed by Island Capital Group targeting real estate technology, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.

The New York, NY-based company plans to raise $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, ICG Hypersonic Acquisition will command a market value of $313 million.

The company is led by Chairman Andrew Farkas, who currently serves as CEO and Chairman at C-III Capital Partners and Island Capital Group. He is joined by CEO and Director Jeffrey Cohen, who is a Principal and President of Island Capital, and CFO and President Matthew Stern, who serves as Executive Managing Director and Co-Head of Investment Banking at both Island Capital and C-III. 

ICG Hypersonic Acquisition intends to focus on identifying businesses that are strategically positioned to capitalize upon the technological transformation driving change throughout the real estate industry. These targets may include real estate-related technology businesses, referred to as “proptech” businesses, as well as other real estate services businesses and real estate technology enabled services businesses.

ICG Hypersonic Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol ICGA.U. It filed confidentially on February 12, 2021. Barclays is the sole bookrunner on the deal.

The article Real estate tech SPAC ICG Hypersonic Acquisition files for a $250 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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