Sport SPAC RedBall Acquisition files for a $500 million IPO

RedBall Acquisition, a blank check company formed by the founder of RedBird and industry veterans targeting the sports industry, filed on Tuesday with the SEC to raise up to $500 million in an initial public offering.

The New York, NY-based company plans to raise $500 million by offering 50 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $100 million at the closing of an acquisition pursuant to a forward purchase agreement with RedBird Capital. At the proposed price, RedBall Acquisition would command a market value of $625 million. 

The company is led by Co-Chairman Gerald Cardinale, the founder and Managing Partner of RedBird, which has partnerships with several professional sports leagues; Co-Chairman Billy Beane, the EVP of Baseball Operations for the Oakland A's, for which he had previously served as General Manager; and CEO Alec Scheiner, a Partner at RedBird and a former executive for NFL teams the Dallas Cowboys and Cleveland Browns. The company plans to target businesses in the sports, media, and data analytics sectors, with a focus on professional sports franchises.

RedBall Acquisition was founded in 2020 and plans to list on the NYSE under the symbol RBAC.U. RedBall Acquisition filed confidentially on June 18, 2020. Goldman Sachs is the sole bookrunner on the deal.

The article Sport SPAC RedBall Acquisition files for a $500 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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