The Gores Group-backed SPAC looks to raise $300 mln in IPO

Jan 27 (Reuters) – A blank-check firm backed by private-equity firm is aiming to raise about $300 million in its initial public offering, a regulatory filing showed on Wednesday.

Gores Holdings VIII Inc, the eighth special purpose acquisition company (SPAC) launched by as part of this series, said it would sell 30 million units, comprising shares and warrants, priced at $10 apiece in the IPO.

A SPAC is a shell company that raises money in an to merge with a privately held company, turning it into a publicly traded firm.

SPACs have emerged as a popular alternative for companies, providing a path to going public with less regulatory scrutiny and more certainty over the valuation that will be attained and funds that will be raised.

United Wholesale Mortgage last year agreed to go public by merging with another Gores Group-backed SPAC, valuing the wholesale mortgage lender at $16.1 billion.

Gores Holdings VIII will list its units on the Nasdaq under the symbol “GIIXU”.

Deutsche Bank Securities is the sole underwriter for the offering.

Source: Reuters – The Gores Group-backed SPAC looks to raise $300 mln in IPO