(Reuters) - Two blank-check companies, backed by billionaire Paul Singer’s hedge fund Elliott International Ltd, have filed for initial public offerings of up to $1.5 billion, their regulatory filings showed on Friday.
Elliott Opportunity I Corp said it aimed to raise up to $1 billion, while Elliott Opportunity II Corp said it was looking to raise up to $500 million.
Singer’s Elliott International Ltd invests in various types of securities and has also engaged in activist-style bets on SoftBank Group Corp, Marathon Petroleum Corp and Twitter Inc in the past.
Blank-check companies, also called special purpose acquisition companies (SPACs), go public typically at $10 a share and use proceeds to buy a private firm. The deal takes the private firm public.
SPACs raised a record $82 billion through initial public offerings last year, according to data from Dealogic.
Credit Suisse, Citigroup and UBS Investment Bank are the underwriters for both the IPOs.
Reporting by Niket Nishant in Bengaluru; Editing by Arun Koyyur
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February 20, 2021 at 06:19AM
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Paul Singer-backed blank-check firms file for up to $1.5 billion IPO - Reuters
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