Apollo Global Management’s SPAC Apollo Strategic Growth Capital files for a $750 million IPO

Apollo Strategic Growth Capital, a blank check company formed by Apollo, filed on Wednesday with the SEC to raise up to $750 million in an initial public offering.

The New York-based company plans to raise $750 million by offering 75 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, Apollo Strategic Growth Capital would command a market value of $938 million.

The company is led by CEO Sanjay Patel, who is Chairman International and Senior Partner of Private Equity at Apollo, and CFO/CAO James Crossen, who serves as the CFO for Private Equity and Real Assets at Apollo. While it has not selected a target industry or geography, the company plans to leverage its management team’s experience and the broader Apollo platform to target growth-oriented businesses. 

Apollo’s previous SPAC, Spartan Energy Acquisition (SPAQ; +66% from $10 offer price), went public in August 2018 and recently announced plans to acquire electric car maker Fisker.

Apollo Strategic Growth was founded in 2008, under the name APH III, and plans to list on the NYSE under the symbol APSG.U. Citi, Credit Suisse, and Goldman Sachs are the joint bookrunners on the deal. 

The article Apollo Global Management’s SPAC Apollo Strategic Growth Capital files for a $750 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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