Pacific Century and Thiel Capital's SPAC Bridgetown Holdings increases deal size by 10% ahead of $550 million IPO

Bridgetown Holdings, a blank check company formed by Pacific Century and Thiel Capital targeting "new economy" sectors in Southeast Asia, raised the proposed deal size for its upcoming IPO on Wednesday.

The Hong Kong, China-based company now plans to raise $550 million by offering 55 million units at $10. The company had previously filed to offer 50 million units at the same price. Each unit now consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Units previously contained one-half of a warrant. At the revised deal size, Bridgetown Holdings will raise 10% more in proceeds than previously anticipated.

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.