Dragoneer Growth Opportunities II, the second blank check company formed by Dragoneer Investment Group, raised $240 million by offering 24 million shares at $10. Unlike an ordinary SPAC, Dragoneer Growth Opportunities II did not offer units with warrants attached. The company offered 4 million more shares than anticipated, and it may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with Dragoneer Investment Group.
The company is led by CEO and Chairman Marc Stad, the founder, CEO, and CIO of Dragoneer Investment Group; and COO and President Pat Robinson, who serves as COO and President of Dragoneer. Dragoneer's previous SPAC, Dragoneer Growth Opportunities (DGNR.U; +14% from $10 offer price), raised $600 million August. Dragoneer Growth Opportunities II will focus on targeting a business in the software, internet, media, consumer/retail, healthcare IT, and financial services/fintech sectors.
Dragoneer Growth Opportunities II plans to list on the Nasdaq under the symbol DGNS. Citi, Credit Suisse and Morgan Stanley acted as lead managers on the deal.
The article Dragoneer's second SPAC Dragoneer Growth Opportunities II prices upsized $240 million IPO at $10 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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