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Tech entrepreneurs' SPAC Reinvent Technology Partners Z files for a $200 million IPO

November 2, 2020

Reinvent Technology Partners Z, the second blank check company formed by Reinvent Capital targeting the tech sector, filed on Monday with the SEC to raise up to $200 million in an initial public offering.

The New York, NY-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-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Reinvent Technology Partners Z would command a market value of $250 million.

The company is led by Co-Lead Director Reid Hoffman, who is currently a Partner at venture firm Greylock and previously co-founded LinkedIn; Co-Lead Director Mark Pincus, the founder and Chairman of Zynga (Nasdaq: ZNGA); and CEO, CFO, and Director Michael Thompson, who previously co-founded BHR Capital and was Managing Member and Portfolio Manager. Hoffman, Pincus, and Thompson are all co-founding members of Reinvent Capital, a management firm that focuses on partnering with companies to pursue entrepreneurship at scale. Their previous SPAC, Reinvent Technology Partners (RTP.U; +8% from $10 offer price), recently completed a $600 million IPO in September. 

The company plans to target a business in a tech sector or subsector, including consumer internet, online marketplaces, ecommerce, payments, gaming, artificial intelligence, SaaS, digital healthcare, autonomous vehicles, and transportation, among others.

Reinvent Technology Partners Z was founded in 2020 and plans to list on the NYSE under the symbol RTPZ.U. The company filed confidentially on October 16, 2020. Morgan Stanley is the sole bookrunner on the deal.