Tech SPAC Burgundy Technology Acquisition prices downsized $300 million IPO at $10

Burgundy Technology Acquisition, a blank check company formed by the former CEO of HP and a former Citi executive targeting the tech industry, raised $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The Cayman Islands-based SPAC had originally filed to offer 40 million units, before lowering its terms on Tuesday.

The company is led by Co-CEO and Chairman Leo Apotheker and Co-CEO and CFO Jim Mackey.

The company plans to target the technology sector, particularly companies in enterprise software or technology-enabled services with an enterprise value between $750 million and $2 billion.

Burgundy Technology Acquisition plans to list on the Nasdaq under the symbol BTAQU. Mizuho Securities acted as sole bookrunner on the deal. 

The article Tech SPAC Burgundy Technology Acquisition prices downsized $300 million IPO at $10 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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