IPOs

The Gores Group's SPAC Gores Holdings VI increases deal size by 75% ahead of $525 million IPO

Gores Holdings VI, a sixth blank check company formed by The Gores Group, raised the proposed deal size for its upcoming IPO on Monday.

The Boulder, CO-based company now plans to raise $525 million by offering 52.5 million units at a price of $10. The company had previously filed to offer 30 million units at $10. At the revised deal size, Gores Holdings VI will raise 75% more in proceeds than previously anticipated.

The company is led by Chairman Alec Gores, founder and CEO of The Gores Group in 1987, and CEO Mark Stone, who currently serves as a Senior Managing Director of The Gores Group. The SPAC plans to leverage its management's experience to target a wide array of industries including industrials, technology, telecom, media and entertainment, business services, healthcare, and consumer products.

The Gores Group's previous SPACs include Gores Holdings V (GRSVU; +1% from $10 offer price), which went public in August 2020; Gores Holdings IV (GHIV; -1%), which went public in January 2020 and is pending a combination with UWM Corp; Gores Holdings III, which acquired government contractor PAE (PAE; -8%) in February 2020; Gores Holdings II, which acquired Verra Mobility (VRRM; +3%) in October 2018; and Gores Holdings, which acquired Hostess Brands (TWNK; +31%) in November 2016. While Gores Holdings VI is the sixth SPAC formed by The Gores Group alone, the group also co-sponsored January 2019 IPO Gores Metropoulos (GMHI; +1%) with dealmaker Dean Metropoulos, which recently announced a merger agreement with driverless car startup Luminar Technologies.

Gores Holdings VI was founded in 2020 and plans to list on the Nasdaq under the symbol GHVIU. Deutsche Bank and Morgan Stanley are the joint bookrunners on the deal.

The article The Gores Group's SPAC Gores Holdings VI increases deal size by 75% ahead of $525 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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