PropTech-focused SPAC BOA Acquisition files for a $175 million IPO

BOA Acquisition, a blank check company targeting real estate technology, filed on Thursday with the SEC to raise up to $175 million in an initial public offering.

The Washington, DC-based company plans to raise $175 million by offering 17.5 million units at $10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, BOA Acquisition will command a market value of $219 million.

The company is led by Chairman Scott Seligman, who also serves as Chairman of The Seligman Group; CEO and CIO Brian Friedman, who currently serves as the Managing Partner of Foxhall Partners, as well as Founder and Partner at Friedman Capital; and CFO Benjamin Friedman, a former Director and Senior Trader at Citigroup Global Markets. BOA Acquisition intends to focus on businesses that provide technological solutions and innovation to the broader real estate industry, which management also refers to as "PropTech."

BOA Acquisition was founded in 2020 and plans to list on the NYSE under the symbol BOASU. The company filed confidentially on January 8, 2021. BTIG is the sole bookrunner on the deal.