IPOs

Real estate technology SPAC Crown PropTech Acquisition files for a $200 million IPO

Crown PropTech Acquisitions, a blank check company targeting real estate technology, filed on Thursday with the SEC to raise up to $200 million in an initial public offering.

The New York, NY-based company plans to raise $200 million by offering 20 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, Crown PropTech Acquisition will command a market value of $250 million.

The company is led by CEO and Director Richard Chera, who co-founded Rewyre in 2020 and has served as co-founder and Senior Managing Director of Crown Acquisitions since 2004. He is joined by CFO and Director Pius Sprenger, who previously was Head of Structuring at Cantor Fitzgerald from 2018 to 2020. Crown PropTech Acquisition intends to concentrate on businesses that provide technological innovation to the broader real estate ecosystem.

Crown PropTech Acquisition was founded in 2020 and plans to list on the NYSE under the symbol CPTK.U. It filed confidentially on October 22, 2020. RBC Capital Markets is the sole bookrunner on the deal.

The article Real estate technology SPAC Crown PropTech Acquisition files for a $200 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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