Insurance-focused SPAC Kairos Acquisition files for a $200 million IPO

Kairos Acquisition, a blank check company targeting the insurance and insurtech sectors, 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 will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. HS Chronos LLC, a subsidiary of Hudson Structured Capital Management, has indicated interest in purchasing up to $19.8 million (9.9%) worth of units of the offering. At the proposed deal size, Kairos Acquisition will command a market value of $250 million.

The company is led by CEO and Director Peter Bang, who has served as a Managing Director at ERG Capital Partners, a London-based investment bank, since 2018. He is joined by CFO Jerry De St. Paer, a Senior Advisor to Grail Partners and Northstar Companies who previously served as CFO of XL Capital. Kairos intends to target the insurance and InsurTech sectors where management's experience and access to public markets can be a catalyst for accelerating growth.

Kairos Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol KAIRU. The company filed confidentially on September 11, 2020. Citi is the sole bookrunner on the deal.