IPOs

Ribbit Capital's fintech SPAC Ribbit LEAP files for a $350 million IPO

Ribbit LEAP, a blank check company formed by Ribbit Capital targeting a fintech business, filed on Tuesday with the SEC to raise up to $350 million in an initial public offering.

The Palo Alto, CA-based company plans to raise $350 million by offering 35 million units at a price of $10. Each unit consists of one share and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Ribbit LEAP would command a market value of $509 million.

The company is led by CEO and Chairman Meyer Malka, the founder and Managing Partner of Ribbit Capital, and COO Cynthia McAdam, a Partner at Ribbit Capital. Ribbit LEAP is not using the traditional founder share structure most SPACs employ. The company is instead using performance-based founder shares which vest in four equal tranches upon achieving outsized share performance following completion of its business combination.

The Palo Alto, CA-based company was founded in 2020 and plans to list on the NYSE but has not yet selected a proposed ticker (RC ticker: RBLP.RC). J.P. Morgan is the sole bookrunner on the deal.

The article Ribbit Capital's fintech SPAC Ribbit LEAP files for a $350 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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