Three InterPrivate-backed SPACs aim to raise $650mn in IPOs

  • The special purpose acquisition companies (SPACs) said they would seek to take public companies with an enterprise value of $1 billion or more in the tech and financial services sectors.
  • One of InterPrivate's SPACs, InterPrivate Acquisition Corp , agreed to take public lidar sensor maker Aeva Inc, led by former Apple Inc engineers, through a merger in November last year.
17 Feb, 2021

Three blank-check firms, backed by private equity firm InterPrivate LLC, are looking to raise as much as $650 million in their initial public offerings, regulatory filings showed on Wednesday.

InterPrivate II Acquisition Corp, InterPrivate III Financial Partners Inc and InterPrivate IV InfraTech Partners Inc aim to raise $200 million, $200 million and $250 million, respectively, by selling units on the New York Stock Exchange and Nasdaq.

The special purpose acquisition companies (SPACs) said they would seek to take public companies with an enterprise value of $1 billion or more in the tech and financial services sectors.

One of InterPrivate's SPACs, InterPrivate Acquisition Corp , agreed to take public lidar sensor maker Aeva Inc, led by former Apple Inc engineers, through a merger in November last year.

The SPACs are led by Ahmed Fattouh, a former member of the private equity group at Investcorp International and the deals department of Morgan Stanley in New York.

Besides InterPrivate, several private equity firms, such as Apollo Global Management Inc and Alec Gores-led The Gores Group LLC, have raised billions so far through numerous blank-check firms.

Morgan Stanley and EarlyBirdCapital are lead underwriters on two of the offerings, while Wells Fargo Securities leads with Morgan Stanley on the third.

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