Pace Holdings files for a $460 million IPO

Pace Holdings, a TPG-backed blank check company led by the co-founder of Hotwire.com, filed and set terms for an upcoming IPO on Thursday.

The Fort Worth, TX-based company plans to raise $400 million by offering 40 million units for $10 each. At that price, the SPAC would command a market value of $500 million. It may raise an additional $60 million in the over-allotment.

The company is led by Karl Peterson, a Senior Partner at TPG Capital. Prior to TPG, he was the co-founder, President and CEO of Hotwire.com until its 2003 sale to IAC/InterActiveCorp (Nasdaq: IACI).

The company, which was founded in 2015, plans to list on the Nasdaq under the symbol PACEU. Deutsche Bank and Citi are the joint bookrunners on the deal. No pricing terms were disclosed.