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Apollo Global Management's SPAC Apollo Strategic Growth Capital II files for a $400 million IPO

January 6, 2021

Apollo Strategic Growth Capital II, the second blank check company formed by Apollo targeting growth-oriented businesses, filed on Wednesday with the SEC to raise up to $400 million in an initial public offering.

The New York-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Apollo Strategic Growth Capital would command a market value of $500 million.

The company is led by Executive Chairman Scott Kleinman, the Co-President and Lead Partner of Private Equity at Apollo; CEO and Director Sanjay Patel, who is Chairman International and Senior Partner of Private Equity at Apollo; CFO and CAO James Crossen, who serves as the CFO for Private Equity and Real Assets at Apollo. While it has not selected a target industry or geography, the company plans to leverage its management team's experience and the broader Apollo platform to target growth-oriented businesses. 

Apollo's previous SPACs include Spartan Energy Acquisition, which went public in August 2018 and recently completed its combination with electric car maker Fisker (FSR; +53% from $10 offer price) in late October, and Apollo Strategic Growth Capital (APSG.U; +10%), which raised $750 million in October 2020.

Apollo Strategic Growth Capital II was founded in 2008 and plans to list on the NYSE under the symbol APGB.U. Deutsche Bank, Barclays, Credit Suisse, Apollo Global Securities, and RBC Capital Markets are the joint bookrunners on the deal.