Altimeter Growth Corp. 2, the second blank check company formed by Altimeter Capital targeting the tech sector, raised the proposed deal size for its upcoming IPO on Tuesday.
The Menlo Park, CA-based company now plans to raise $350 million by offering 35 million shares at $10. The company had previously filed to offer 20 million shares at the same price. Unlike an ordinary SPAC, the company is not offering units with warrants attached. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with an affiliate of Altimeter. At the revised deal size, Altimeter Growth Corp. 2 will raise 75% more in proceeds than previously anticipated.
The company is led by CEO and Chairman Brad Gerstner, the founder and CEO of Altimeter Capital. He is joined by General Counsel Hab Siam, who currently serves as General Counsel and CCO of Altimeter. The company plans to target a business in a secular-growth area of the tech sector, focusing on those that will compound growth over the long-term for exponential value creation.
Altimeter's previous SPAC, Altimeter Growth Corp. (AGCUU), went public this past September and last closed up 35% from the $10 offer price.
Altimeter Growth Corp. 2 was founded in 2020 and plans to list on the NYSE under the symbol AGCB. Citi, Goldman Sachs, and Morgan Stanley are the joint bookrunners on the deal.
