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Israel-focused SPAC ION Acquisition 2 files for a $220 million IPO

January 26, 2021
IACB.U

ION Acquisition 2, the second blank check company formed by ION Asset Management targeting an Israeli tech business, filed on Tuesday with the SEC to raise up to $220 million in an initial public offering.

The Herzliya, Israel-based company plans to raise $220 million by offering 22 million units at $10. Each unit consists of one share of common stock and one-eighth of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with certain investors. At the proposed deal size, ION Acquisition 2 would command a market value of $275 million.

The company is led by Chairman Jonathan Kolber, who currently serves as Chairman of ION Asset Management and a Partner and Senior Advisor of tech buyout and growth capital firm Viola Growth, and CEO and Director Gilad Shany, co-founder and Managing Partner of ION Crossover Partners. The company plans to identify, acquire, and help build a company with ties to the technology and innovation ecosystem in Israel.

Management's previous SPAC, ION Acquisition 1 (IACA; +39% from $10 offer price), went public in October 2020 and recently announced a merger agreement with advertising company Taboola.

ION Acquisition 2 was founded in 2020 and plans to list on the NYSE under the symbol IACB.U. The company filed confidentially on December 15, 2020. Goldman Sachs and Morgan Stanley are the joint bookrunners on the deal.