IPOs

SPAC Twelve Seas Investment II files for a $250 million IPO to target global businesses

Twelve Seas Investment II, a blank check company targeting global companies located outside the US, filed on Monday with the SEC to raise up to $250 million in an initial public offering.

The Los Angeles, CA-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Twelve Seas Investment II would command a market value of $322 million.

The company is led by Chairman Neil Richardson, who is currently the Chairman of independent family office North Sea Capital and previously was a Founding Partner at Lion Capital, and CEO and Director Dimitri Elkin, a Founding Partner of Twelve Seas Limited. Twelve Seas Investment II plans to target global companies located outside the US, focusing on those with enterprise values between $500 million and $2 billion. While it will not focus on any particular sector, it plans to consider business services, consumer, financials, healthcare, telecom and media, technology, and energy.

Management's previous SPAC, Twelve Seas Investment, went public in June 2018 and completed its combination with oil storage and services company Brooge Holdings (BROG; +7% from $10 offer price) in December 2019.

Twelve Seas Investment II was founded in 2020 and plans to list on the Nasdaq under the symbol TWLVU. Mizuho Securities is the sole bookrunner on the deal.

The article SPAC Twelve Seas Investment II files for a $250 million IPO to target global businesses 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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