KINS Technology Group, a blank check company formed by tech veteran Khurram Sheikh targeting the tech industry, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.
The Palo Alto, CA-based company plans to raise $200 million by offering 20 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, KINS Technology Group would command a market value of $250 million.
The company is led by CEO, CFO, and Chairman Khurram Sheikh, founder and CEO of boutique strategic advisory firm Aijaad. Sheikh's previous roles include serving as CEO of kwikbit, Chief Strategy and Technology Officer of Silicon Image, CTO and CEO of Powerwave Technologies, and VP of Wireless Strategy and Development at Time Warner Cable. The company plans to target transformative technology businesses that operate in a growing addressable market and have a validated business model, among other criteria.
KINS Technology Group was founded in 2020 and plans to list on the Nasdaq under the symbol KINZ.U. The SPAC filed confidentially on August 14, 2020. UBS Investment Bank and Stifel are the joint bookrunners on the deal.
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