Veteran investor Bill Foley has announced the raising of $1.2 billion via the intial public offering held by blank check company. Veteran investor Bill Foley raised some $1 billion few months ago with the help of another special purpose acquisition company (SPAC).
New SPAC named Foley Trasimene Acquisition Corp II announced that the offering will be held on New York Stock Exchange with 120 million units comprising shares and warrants.
Credit Suisse and BofA Securities are working as underwriters for the offering. While SPAC is a shell entity that uses proceedings of IPO for the purchase of another company. In a merger it wil acquire public company within two years and via this way in which the Investors are not informed earlier about what company the SPAC will buy.
Nowadays, Path of SPAC way is working for many Private companies and startups to go public. SPAC proceeds with the deal of blank check acquirer that guarantees the raising of fixed amount after a fixed evaluation.
New private companies including the EV manufacturer Fisker, electric bus maker Proterra and Hims Inc, which provides the online mens’ healthcare and consumer products to U.S., are on the verge to raise the capital by going public through the SPAC route. Recently, MultiPlan, a healthcare services provider, is also in a $11 billion merger deal to go public through blank-check company Churchill Capital Corp III CCXX.N. Some well-known investors like Bill Ackman and Chamath Palihapitiya are also the recent players that raised the funds with the help of blank-check companies.