IPOs

TMT SPAC BowX Acquisition files for a $350 million IPO

BowX Acquisition, a blank check company formed by Bow Capital Management to acquire a TMT business, filed on Friday with the SEC to raise up to $350 million in an initial public offering.

The Menlo Park, CA-based company plans to raise $350 million by offering 35 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 price, BowX Acquisition would command a market value of $438 million. 

The company is led by Co-CEO and Chairman Vivek Ranadivé, who is the founder and Managing Director of Bow Capital Management, and Co-CEO and CFO Murray Rode, who is a senior advisor and consultant to Bow Capital Management. The pair developed TIBCO Software, a real time integration, process automation and analytics company, which was sold to Vista Equity Partners in 2014 for $4.3 billion. BowX Acquisition plans to target businesses in the technology, media, and telecommunications (TMT) industries with enterprise values between $1 billion and $3 billion.

BowX Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol BOWXU. The company filed confidentially on June 1, 2020. UBS Investment Bank is the sole bookrunner on the deal.

The article TMT SPAC BowX Acquisition files for a $350 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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