Primavera Capital Acquisition, a blank check company formed by Primavera Capital targeting a consumer business with a presence in China, raised $360 million by offering 36 million units at $10. The company offered 6 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The company may raise an additional $80 million at the closing of an acquisition pursuant to a forward purchase agreement with Aspex Management and Sky Venture Partners.
The company is led by CEO, CFO, and Director Max Chen, a Founding Member and Partner of Primavera Capital Group, and Founder Fred Hu, Founding Chairman of Primavera Capital Group. The company plans to target global consumer companies with a significant China presence or a compelling China potential.
Primavera Capital Acquisition plans to list on the NYSE under the symbol PV.U. Credit Suisse and Citi acted as lead managers on the deal.
The article Consumer-focused SPAC Primavera Capital Acquisition prices upsized $360 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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