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Brazil-focused SPAC Itiquira Acquisition files for a $200 million IPO

January 19, 2021

Itiquira Acquisition, a blank check company targeting growth sectors in Brazil, filed on Tuesday 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. SPX Equities Gestão de Recursos, a member of the sponsor, has expressed interest in purchasing 2 million units of the offering (10%). At the proposed deal size, Itiquira Acquisition will command a market value of $250 million.

The company is led by CEO and Chairman Paulo de Gouvea, who has been a Founding Managing Partner of Ygeia Capital Gestão de Recursos since 2015. He is joined by CFO Marcus Silberman, who has served as a Principal at CH Global Capital since 2019 and previously was Co-Head of Latin America M&A at BofA Securities from 2014 to 2019.

Itiquira Acquisition intends to search for a target in Brazil, focusing on sectors with strong growth potential, high correlation to Brazil growth, resilient business models, in non-cyclical industries, with favorable secular trends, including those that have been historically underserviced by the government. These include technology, healthcare, pharma, education, and consumer services, among others.

Itiquira Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol ITQRU. Citi and UBS Investment Bank are the joint bookrunners on the deal.