SPAC IB Acquisition prices $100 million IPO

IB Acquisition, a blank check company targeting fintech, healthcare, entertainment, and consumer goods, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one right to receive one-twentieth of a share upon the completion of an initial business combination.

The company is led by CEO and Chairman Al Lopez, the founder of Alma Coffee and former CEO of mail order retailer Blair Corp. The company's investment strategy is not specific to any sector, though management believe there are compelling opportunities in areas including fintech, healthcare and life sciences, sports and entertainment, and consumer goods. It plans to target companies in North America, Europe, and Asia, with an enterprise value of at least $500 million.

IB Acquisition plans to list on the Nasdaq under the symbol IBACU. I-Bankers Securities and IB Capital acted as joint bookrunners on the deal.