CBRE Acquisition Holdings, a blank check company formed by CBRE targeting growth companies, lowered the proposed deal size for its upcoming IPO on Friday.
The Dallas, TX-based company now plans to raise $350 million by offering 35 million SAIL (Stakeholder Aligned Initial Listing) securities at a price of $10. The company had previously filed to offer 40 million securities at the same price. Each security will now consist of one share of common stock and one-fourth of a warrant, exercisable at $11. Each security previously contained one-fifth of a warrant. At the revised deal size, CBRE Acquisition Holdings will raise -13% less in proceeds than previously anticipated.
The company is led by Chairman Robert Sulentic, who currently serves as CEO of CBRE and previously served as CEO of Trammell Crow; CEO and Director William Concannon, who currently serves as Global Group President of Clients and Business Partners at CBRE; and CFO and President Cash Smith, who previously served as Global Head of M&A at CBRE. CBRE Acquisition Holdings plans to target high-growth companies that will benefit from management's experience and a partnership with CBRE Group.
CBRE Acquisition Holdings was founded in 2020 and plans to list on the NYSE under the symbol CBAH.U. Morgan Stanley is the sole bookrunner on the deal.
