Simon Property Group Acquisition, a blank check company formed by Simon Property Group, filed on Friday with the SEC to raise up to $300 million in an initial public offering.
The Indianapolis, IN-based company plans to raise $300 million by offering 30 million units at $10. Each unit will consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Simon Property Group Acquisition will command a market value $375 million.
The company is led by Chairman David Simon, the CEO and Chairman of Simon Property Group (SPG); CEO and Director Eli Simon, who currently serves as SVP of Corporate Investments at SPG; and CFO Brian McDade, who currently serves as CFO of SPG. Simon Property Group Acquisition's strategy is to target a company or assets with significant growth potential and prospects to create value in the public markets. The target will likely be in an industry that will benefit from the experience, expertise, and operating skills of the management team and SPG.
Simon Property Group Acquisition was founded in 2020 and plans to list on the NYSE under the symbol SPGS.U. It filed confidentially on January 8, 2021. Goldman Sachs is the sole bookrunner on the deal.
