Europe-focused SPAC Avanti Acquisition prices upsized $600 million IPO at $10

Avanti Acquisition, a blank check company formed by NNS Group and Sienna Capital targeting a European business, raised $600 million by offering 60 million units at $10. The company offered 10 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

The company may raise an additional $100 million at the closing of an acquisition pursuant to a forward purchase agreement with its sponsor.

The company is led by Chairman and CEO Nassef Sawiris, the founder and Chairman of NNS Group, his family office, and CFO Johann Dumas, the CFO of Sienna Capital, the alternative investment platform of Groupe Bruxelles Lambert. The company plans to leverage its management team's European sourcing channels and relationships and target European businesses with a strong US nexus and international reach.

Avanti Acquisition plans to list on the NYSE under the symbol AVAN.U. Citi and Goldman Sachs acted as joint bookrunners on the deal.