IPOs

The Gores Group's fifth SPAC Gores Holdings V files for a $400 million IPO

Gores Holdings V, the fifth blank check company formed by The Gores Group, filed on Monday with the SEC to raise up to $400 million in an initial public offering.

The Beverly Hills, CA-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed price, Gores Holdings V would command a market value of $500 million.

The company is led by Chairman Alec Gores, founder and CEO of The Gores Group; CEO Mark Stone, who currently serves as a Senior Managing Director of The Gores Group; and CFO Andrew McBride, who currently serves as Director of Finance and Tax at The Gores Group. The company plans to target a diverse range of sectors, including industrials, technology, telecommunications, media and entertainment, business services, healthcare, and consumer products.

The Gores Group's previous SPACs include Gores Holdings IV (GHIVU; +8% from IPO), which went public in January of this year; Gores Holdings III, which acquired government contractor PAE (PAE; -12%) in February 2020; Gores Holdings II, which acquired Verra Mobility (VRRM; +7%) in October 2018; and Gores Holdings, which acquired Hostess Brands (Nasdaq: TWNK; +19%) in November 2016.

The Beverly Hills, CA-based company was founded in 2020 and plans to list on the Nasdaq under the symbol GRSVU. Deutsche Bank and Morgan Stanley are the joint bookrunners on the deal.

The article The Gores Group's fifth SPAC Gores Holdings V files for a $400 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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