Ivanhoe Capital Acquisition, a blank check company formed by the founder of Ivanhoe Capital targeting the energy transition space, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The Singapore-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-third of a warrant, exercisable at $11.50. At the proposed deal size, Ivanhoe Capital Acquisition would command a market value of $250 million.
The company is led by CEO and Chairman Robert Friedland, the founder and CEO of Ivanhoe Capital Corporation. Friedland also serves as the CEO of High Power Exploration and the President of Ivanhoe Pictures. He is joined by CFO Gary Gartner, the founder and Managing Director of Alchemy Capital Planning and Senior Counsel at Dentons, and CIO and Director Andrew Boyd, the Managing Member of Bramalea Partners and former Global Head of Equity Capital Markets at Fidelity Management & Research.
The company plans to target industries related to the shift from fossil fuels towards electrification, and targets may include those in the supply chain from mine site to the end user of electrification products and services, including in the transportation, e-mobility, electric propulsion, battery technology and storage sectors.
Ivanhoe Capital Acquisition was founded in 2020 and plans to list on the NYSE under the symbol IVAN.U. The company filed confidentially on August 7, 2020. Morgan Stanley is the sole bookrunner on the deal.
