Real estate technology SPAC Crown PropTech Acquisitions prices upsized $240 million IPO

Crown PropTech Acquisitions, a blank check company targeting real estate technology, raised $240 million by offering 24 million units at $10. The company offered 4 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.

The company is led by CEO and Director Richard Chera, who co-founded Rewyre in 2020 and has served as co-founder and Senior Managing Director of Crown Acquisitions since 2004. He is joined by CFO and Director Pius Sprenger, who previously was Head of Structuring at Cantor Fitzgerald from 2018 to 2020. Crown PropTech Acquisition intends to concentrate on businesses that provide technological innovation to the broader real estate ecosystem.

Crown PropTech Acquisitions plans to list on the NYSE under the symbol CPTK.U. RBC Capital Markets acted as a lead manager on the deal.