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IBIS Capital's second SPAC EdtechX Holdings Acquisition II lowers deal size by 33% ahead of $100 million IPO

December 7, 2020
EDTXU

EdtechX Holdings Acquisition II, the second blank check company formed by IBIS Capital to acquire an education technology business, lowered the proposed deal size for its upcoming IPO on Monday.

The London, United Kingdom-based company now plans to raise $100 million by offering 10 million units at a price of $10. The company had previously filed to offer 15 million units at the same price. Each unit will still consist of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, EdtechX Holdings Acquisition II will raise -33% less in proceeds than previously anticipated. 

The company is led by Chairman and CIO Charles McIntyre, co-founder and CEO of investment and advisory firm IBIS Capital, and CEO and Director Benjamin Vedrenne-Cloquet, an Operating Partner at IBIS Capital. The company plans to target businesses in the education, training, re-skilling, human capital, and education technology industries with enterprise values between $400 million and $2 billion.

IBIS Capital's previous SPAC, EdtechX Holdings Acquisition, went public in October 2018 and completed its merger with Meten Education in March 2020 to form Meten EdtechX Education Group (METX; -71% from $10 offer price).

EdtechX Holdings Acquisition II was founded in 2020 and plans to list on the Nasdaq under the symbol EDTXU. Jefferies is the sole bookrunner on the deal.