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.
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