FB Pixel no scriptFacebook co-founder’s firm looks to raise USD 300 million in US IPO via SPAC | KrASIA

Facebook co-founder’s firm looks to raise USD 300 million in US IPO via SPAC

Written by Tech in Asia Published on   1 min read

Eduardo Saverin will serve as special advisor.

B Capital Technology Opportunities, a blank-check company formed by investment firm B Capital Group, has filed for an IPO to raise USD 300 million on Nasdaq, according to a filing with the US Securities and Exchange Commission (SEC). It plans to offer 30 million units at USD 10 apiece.

Based in New York, the special purpose acquisition company (SPAC) will focus on the acquisition or a target combination of tech businesses that are transforming large traditional industries in four industry verticals: consumer enablement, financial services, health and wellness, and industrial and transportation. In particular, it’s focused on cross-border businesses, said the firm in the filing.

Eduardo Saverin will serve as the special advisor at the SPAC. He is the co-founder and co-managing general partner of B Capital Group, as well as the co-founder of Facebook.

uptake newsletter

B Capital Group co-founder and chairman Howard Morgan, former Bain Capital exec Raj Ganguly, former Eight Roads Ventures partner Kabir Narang, ex-Hillhouse Capital managing director Angela C. Huang, and Nasdaq’s former vice chairman Bruce Aust will lead B Capital Technology Opportunities.

B Capital Group invests in technology-driven businesses, from early-stage startups to transformational late-stage companies. With over 66 portfolio companies, it manages around USD 1.6 billion in capital.

The development comes after Patrick Grove’s Catcha Group announced the pricing of its USD 275 million IPO on the New York Stock Exchange via a blank-check company.

This article was originally published by Tech in Asia


Auto loading next article...