(Reuters) - LDH Growth Corp I, a blank-check company backed by SoftBank Group Corp Chief Operating Officer Marcelo Claure, said on Friday it was looking to raise up to $200 million in its initial public offering.
The company, controlled by an affiliate of SoftBank, said it planned to sell 20 million units of shares and warrants at $10 each. (bit.ly/39unLez)
A blank-check firm, also known as a special purpose acquisition company (SPAC), uses capital raised through an IPO to acquire a private company, typically within two years, which becomes public when merged.
SPACs raised $82 billion through IPOs in 2020, according to data from Dealogic. They have emerged as a popular alternative for companies looking to go public with less regulatory scrutiny.
LDH Growth said it would look to merge with businesses focused on Latin America and Hispanic populations.
“Growing up in Bolivia, I have witnessed firsthand the innovation and passion of the people in Latin America. I started my first business, Brightstar, in the region,” said Claure, who will serve as chief executive officer of LDH Growth.
Another SoftBank backed company called SVF Investment Corp went public earlier this month, raising about $525 million.
LDH Growth’s shares will be listed on Nasdaq under the ticker symbol “LDHAU”.
Citigroup and JP Morgan are the underwriters for the offering.
Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli
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January 30, 2021 at 12:43AM
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