SPAC Independence Holdings files for a $400 million IPO, targeting tech and fintech

Independence Holdings, a blank check company led by the founders of FT Partners and Sagemount targeting tech and fintech, filed on Friday with the SEC to raise up to $400 million in an initial public offering. 

The SPAC plans to raise $400 million by offering 40 million units at a price of $10, where it would command a market value of $500 million. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50.

The company is led by co-Chairmen Steve McLaughlin and Gene Yoon. Co-Chairman Steve McLaughlin is the founder and CEO of FT Partners, a FinTech-focused investment banking firm with a nearly 20-year history that has advised on four fintech SPAC transactions (RPAY, LPRO, PRCH, CCN). Co-Chairman Gene Yoon is the founder and Managing Partner of Sagemount, a growth-focused technology private investment firm that has invested in ZoomInfo, Open Lending, and others; Mr. Yoon was previously Head of Private Equity for Goldman Sachs' Americas Special Situations Group.

The New York, NY-based company was founded in 2020 and plans to list on the Nasdaq under the symbol ACQRU. Independence Holdings filed confidentially on January 14, 2021. Citi and Deutsche Bank are the joint bookrunners on the deal. 

The article SPAC Independence Holdings files for a $400 million IPO, targeting tech and fintech originally appeared on IPO investment manager Renaissance Capital's web site

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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