Brazil-focused SPAC HPX files for a $200 million IPO

HPX, a blank check company targeting a business in Brazil, filed on Friday with the SEC to raise up to $200 million in an initial public offering.

The Wilmington, DE-based company plans to raise $200 million by offering 20 million units at a price of $10. Each unit consists of one share and one-half of a warrant, exercisable at $11.50. At the proposed deal size, HPX would command a market value of $250 million.

The company is led by CEO, CFO, and Director Carlos Piani, a current executive at Kraft Heinz, and Co-chairmen Bernardo Hees and Rodrigo Xavier, who previously served as CEO of Kraft Heinz and BofA Merrill Lynch Brazil, respectively.

The Wilmington, DE-based company was founded in 2020 and plans to list on the NYSE under the symbol HPX.U. HPX filed confidentially on April 15, 2020. Credit Suisse is the sole bookrunner on the deal.