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Pacific Century and Thiel Capital's second SPAC Bridgetown 2 Holdings files for a $200 million IPO

January 4, 2021

Bridgetown 2 Holdings, the second blank check company formed by Pacific Century and Thiel Capital targeting new economy sectors in Southeast Asia, filed on Thursday with the SEC for an initial public offering.

The Hong Kong, China-based company plans to raise $200 million by offering 20 million shares at a price of $10. There it would command a market value of $256 million. Unlike most SPACs, Bridgetown 2's offering will not contain warrants.

The company is led by CEO, CFO, and Director Daniel Wong, who serves as SVP of Pacific Century Group, and Chairman Matt Danzeisen, who is Head of Private Investments at Thiel Capital, an investment firm founded by his husband Peter Thiel. Directors include former Y Combinator President and current OpenAI CEO Sam Altman, RRE Ventures Partner Jay Hass, and LINE Corp CFO In Joon Hwang. The SPAC plans on targeting a company in Southeast Asia with operations or prospective operations in the technology, financial services, or media sectors.

The team's previous SPAC Bridgetown Holdings (BTWNU) raised $550 million in October 2020, and the units closed Thursday at $16.98 (+69.8%), trading up after news broke that it was exploring a $10 billion acquisition of Tokopedia.

The Hong Kong, China-based company was founded in 2020 and plans to list on the Nasdaq under the symbol BTNB. Bridgetown 2 Holdings filed confidentially on November 20, 2020. Citi and BTIG are the joint bookrunners on the deal.