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Serial entrepreneurs' SPAC Supernova Partners Acquisition files for a $300 million IPO

September 25, 2020

Supernova Partners Acquisition, a blank check company formed by the co-founder of Zillow and other entrepreneur and investment veterans, filed on Friday with the SEC to raise up to $300 million in an initial public offering.

The Washington, D.C.-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with its Co-Chairmen. At the proposed deal size, Supernova Partners Acquisition would command a market value of $375 million. 

The company is led by Co-Chairmen Spencer Rascoff and Alexander Klabin. Rascoff is a serial entrepreneur and co-founder of both Hotwire and Zillow. Klabin is co-founder of Senator Investment Group. CEO Robert Reid is a former Senior Managing Director in the Private Equity Group, and CFO Michael Clifton most recently served as a senior investment professional at The Carlyle Group. The SPAC intends to partner with an advantaged growth company that benefits from thematic shifts and tech-enabled trends.

Supernova Partners Acquisition was founded in 2020 and plans to list on the NYSE under the symbol SPNV.U. J.P. Morgan and Jefferies are the joint bookrunners on the deal.