Pacific Century and Thiel Capital's SPAC Bridgetown Holdings files for a $500 million IPO

Bridgetown Holdings, a blank check company formed by Pacific Century and Thiel Capital targeting "new economy" sectors in Southeast Asia, filed on Wednesday with the SEC to raise up to $500 million in an initial public offering.

The Hong Kong-based company plans to raise $500 million by offering 50 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Bridgetown would command a market value of $625 million. 

The company is led by CEO, CFO, and Director Daniel Wong, who currently serves as an SVP at investment group Pacific Century Group, a Hong Kong-based investment firm founded by Richard Li, and Chairman Matt Danzeisen, who is Head of Private Investments at Thiel Capital, an investment firm founded by his husband Peter Thiel. Directors include former Y Combinator President and current OpenAI CEO Sam Altman, RRE Ventures Partner Jay Hass, and LINE Corp CFO In Joon Hwang. The SPAC plans on targeting a company in Southeast Asia with operations or prospective operations in the technology, financial services, or media sectors.

Bridgetown Holdings was founded in 2020 and plans to list on the Nasdaq under the symbol BTWNU. UBS Investment Bank and BTIG are the joint bookrunners on the deal.