Real estate tech SPAC RXR Acquisition files for a $250 million IPO
RXR Acquisition, a blank check company formed by RXR Realty targeting real estate technology, filed on Friday with the SEC to raise up to $250 million in an initial public offering.
The Uniondale, NY-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, RXR Acquisition would command a market value of $313 million.
The company is led by CEO and Chairman Scott Rechler, the founder and CEO of real estate owner, manager, and developer RXR Realty. He is joined by President, CFO, and Director Michael Maturo, the President and former CFO of RXR Realty. The company plans to target businesses operating at the intersection of real estate and technology ("PropTech"), including immediately adjacent ecosystems to real estate such as logistics, modern mobility, financial services, and technologies that address problems or inefficiencies associated with urbanization.
RXR Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol RXRAU. The company filed confidentially on January 27, 2021. Goldman Sachs and BofA Securities are the joint bookrunners on the deal.
The article Real estate tech SPAC RXR Acquisition files for a $250 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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