Blank check company Hydra Acquisition files and sets terms for a $100 million IPO

Hydra Industries Acquisition, a blank check company formed by A. Lorne Weil and sponsored by Macquarie, filed and set terms for an initial public offering on Tuesday. The New York, NY-based company plans to raise up to $100 million by offering 10 million units at $10 per unit. At that price, the company would command a fully diluted market value of $125 million.

A. Lorne Weil previously served as Chairman and CEO of Scientific Games Corporation (NASDAQ: SMGS) for about 20 years. He also served as sponsor and Chairman of Andina Acquisition Corp, a blank check company that raised $40 million in a 2012 IPO and later acquired Tecnoglass (NASDAQ: TGLS).

Another blank check company sponsored by Macquarie, Terrapin 3 Acquisition (TRTLU), raised $185 million in its July IPO.

Hydra was formed in 2014 and plans to list on the NASDAQ under the symbol HDRAU. UBS Investment Bank is the sole bookrunner on the deal. No pricing date was disclosed.