Three InterPrivateBacked SPACs Aim to Raise 650M in IPOs

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Reuters Three blankcheck 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 InterPrivates 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 Goresled The Gores Group LLC, have raised billions so far through numerous blankcheck firms.

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

Reporting by Sohini Podder and Noor Zainab Hussain in Bengaluru; Editing by Ramakrishnan M.

Source Reuters

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