TMT-focused SPAC Marquee Raine Acquisition files for a $325 million IPO

Marquee Raine Acquisition, a blank check company formed by The Raine Group and the owner of the Chicago Cubs targeting the TMT industry., filed on Friday with the SEC to raise up to $325 million in an initial public offering.

The New York, NY-based company plans to raise $325 million by offering 32.5 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Marquee Raine Acquisition will command a market value of $406 million.

The company is led by Co-CEOs Crane Kenney and Brett Varsov and Co-Chairmen Thomas Ricketts and Brandon Gardner. Kenney is the President of Business Operations for the Chicago Cubs, and Varsov is a Partner and Head of M&A at The Raine Group. Ricketts is currently the Executive Chairman of the Cubs, and Gardner is co-founder, Partner, and COO of The Raine Group.

Marquee Raine Acquisition plans to leverage its management team's experience and target opportunities in interactive entertainment and games, real money gaming, digital media, sports and sports-enabled assets, health and wellness, out-of-home and live entertainment, audio content and podcasting, and technology.

Marquee Raine Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol MRACU. The company filed confidentially on November 12, 2020. Credit Suisse is the sole bookrunner on the deal.