SPAC: Och-Ziff founder’s Ajax I prices $750 million IPO at $10

, a blank check company formed by Och-Ziff’s Daniel Och and MSD Capital’s Glenn Fuhrman, raised $750 million by offering 75 million units at $10, as expected. Each unit consists of one share of common stock and one-quarter of a warrant, exercisable at $11.50.

Ajax I is implementing a different economic structure than most by reducing its sponsor’s promote to 10%, which it believes will create a competitive advantage in executing a deal.

The company is led be CEO and Director Daniel Och, founder and former CEO of Och-Ziff Capital Management (now ) and former Co-Head of US Equities Trading at Goldman Sachs, and President and Director Glenn Fuhrman, co-founder and former Co-Managing Partner at MSD Capital. The board is comprised of , co-founder and former CEO of Instagram; Anne Wojcicki, co-founder and CEO of 23andme; Square co-founder Jim McKelvey; and Steve Ells, founder and former CEO of Chipotle.

Ajax I plans to target the internet, software, , and consumer industries, focusing on companies with defensible business models, large and growing end markets, and superior unit economics.

Ajax I plans to list on the NYSE under the symbol AJAX.U. Goldman Sachs, Citi and J.P. Morgan acted as joint bookrunners on the deal.

Source: Renaissance Capital – SPAC: Och-Ziff founder’s Ajax I prices $750 million IPO at $10