The Menlo Park, CA-based company plans to raise $450 million by offering 45 million units at $10. Each unit consists of one share of common stock and one-quarter of a warrant, exercisable at $11.50. The company may raise an additional $200 million at the closing of an acquisition pursuant to forward purchase agreements with Altimeter Capital and JS Capital. At the proposed deal size, Altimeter Growth Corp. would command a market value of $563 million.
The company is led by CEO and Chairman Brad Gerstner, the founder and CEO of Altimeter Capital. The company plans to target a business in a secular-growth area of the technology sector that will compound growth over the long-term for exponential value creation. The company states that it is not prohibited from pursuing a combination with a company that is affiliated with Altimeter.
Altimeter Growth Corp. was founded in 2020 and plans to list on the Nasdaq, but has not selected a ticker yet (RC ticker: AGC.RC). The company filed confidentially on September 3, 2020. Citi, Goldman Sachs and Morgan Stanley are the joint bookrunners on the deal.
Source: Renaissance Capital – Altimeter Capital’s tech SPAC Altimeter Growth Corp. files for a $450 million IPO