Brazilian blank check: GP Investments Acquisition prices IPO at $10

GP Investments Acquisition, a blank check company formed by GP Investments and focused on the consumer sector, raised $150 million by offering 15 million units at $10 each.

Each unit has an offering price of $10 and consists of one ordinary share and one-half of one warrant. Each whole warrant entitles the holder to purchase one ordinary share at a price of $11.50 per share. Its sponsor, GP Investments, has committed to purchase 5.5 million warrants for $1 each in a private placement.

GP Investments (20% post-IPO stake) is a publicly traded (OTCMKTS: GPIIF) alternative investment firm focused on Latin America with over $4 billion in assets. The company claims that GP Investments' focus is in emerging markets, primarily Brazil, but that its management team has developed a broad network of contacts and corporate relationships around the world. The SPAC states that management's initial focus is on consumer goods and services, retail and hospitality. 

GP Investments Acquisition plans to list on the NASDAQ under the symbol GPIAU. Citi acted as a lead manager on the deal.