PropTech Investment II, the second blank check company led by partners at Hennessy Capital targeting a real estate technology business, raised $200 million by offering 20 million units at $10. The company offered 2.5 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
The company is led by Co-CEO and Chairman Thomas Hennessy and Co-CEO, CFO, and Director Joseph Beck, who are currently Managing Partners of Real Estate Strategies at Hennessy Capital and previously served as Portfolio Managers at ADIA. The Co-CEOs' first property technology SPAC, PropTech Acquisition (PTAC; +9% from $10 offer price), is currently pending a combination with home services software provider Porch.com. Hennessy Capital founder and CEO Daniel Hennessy will serve as a Senior Advisor, a role he also held for PropTech Acquisition. Daniel Hennessy has led several other SPACs, the most recent being February 2019 IPO Hennessy Capital Acquisition IV (HCAC; +22%), which is currently pending a combination with EV startup Canoo.
PropTech Investment II will seek to invest in businesses that offer innovative software, hardware, products, operations, or services that are technologically equipped to improve property ownership, financing, valuation, operations, management, leasing, insurance, and other aspects of real estate asset management and investment management.
PropTech Investment II plans to list on the Nasdaq under the symbol PTICU. Cantor Fitzgerald acted as a lead manager on the deal.
The article Real estate technology SPAC PropTech Investment II prices upsized $200 million IPO at $10 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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