Betsy Cohen-backed SPAC files for $750 mln IPO

Feb 1 () – A special purpose acquisition company (SPAC), backed by banking entrepreneur Betsy Cohen, said on Monday it is aiming to raise up to $750 million in its initial public offering on the .

FTAC Hera Acquisition Corp, which is seeking to identify a business target in technology or fintech sector, said in a regulatory filing that it intends to sell 75 million units at $10 each.

The blank-check company, however, said it may also pursue a combination outside of these industries. (bit.ly/2MnJtIr)

Blank-check companies are shell companies that use proceeds from an initial public offering to take private firms public. They raised more than $82 billion in in 2020, more than four times the amount raised in 2019, according to data from Dealogic.

This is the second SPAC launched by Cohen this year. FTAC Athena Acquisition Corp, another Cohen-backed blank-check company, said earlier this year it was aiming to raise up to $220 million in its IPO.

Cohen, who founded Jefferson Bank and Bancorp , is one of the prominent businesswomen who have joined the SPAC frenzy. In December last year, Cohen’s FinTech Acquisition Corporation IV took boutique investment bank Perella Weinberg Partners public in a $975 million deal.

FTAC Hera plans to list its units under the symbol “HERAU”.

Citigroup and JP Morgan are the underwriters for the offering. (Reporting by Niket Nishant in Bengaluru, Editing by Sherry Jacob-Phillips)

Source: Reuters – Betsy Cohen-backed SPAC files for $750 mln IPO