IPOs

TMT and entertainment SPAC BlueRiver Acquisition files for a $250 million IPO

BlueRiver Acquisition, a blank check company target the TMT and entertainment industries, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.

The San Antonio, TX-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-third of a warrant, exercisable at $11.50. At the proposed deal size, BlueRiver Acquisition would command a market value of $320 million.

The company is led by Co-CEO and Co-Chairman John Gregg, founder of Bluewater Ventures and former Head of Corporate Development and CFO of NTL (now Virgin Media), and Co-CEO, Co-Chairman, and CFO Randall Mays, founder and CEO of Running M Capital and Co-Managing Partner of Mays Family Enterprises, as well as former Vice Chairman of Clear Channel Communications (now iHeartCommunications). The company plans to target the technology, media, and telecom (TMT) and entertainment industries, focusing on businesses with enterprise values between $1 billion and $3 billion.

BlueRiver Acquisition was founded in 2020 and plans to list on the NYSE, but has not selected a symbol yet (RC ticker: BRAQ.RC). The company filed confidentially on November 6, 2020. Goldman Sachs is the sole bookrunner on the deal.

The article TMT and entertainment SPAC BlueRiver Acquisition files for a $250 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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