Apollo Strategic Growth Capital II, a blank check company formed by Apollo targeting growth-oriented businesses, raised $600 million by offering 60 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. The company originally filed to raise $400 million by offering units with quarter-warrants, before upping the deal size to $500 million last week.
The company is led by Executive Chairman Scott Kleinman, the Co-President of Apollo; CEO and Director Sanjay Patel, who is Chairman International and Senior Partner of Private Equity at Apollo; and CFO and CAO James Crossen, who serves as the CFO for Private Equity and Real Assets at Apollo.
While it has not selected a target industry or geography, the company plans to leverage its management team's experience and the broader Apollo platform to target growth-oriented businesses.
Previous SPAC Apollo Strategic Growth Capital (APSG.U; +9%) raised $750 million in October 2020. Apollo is also behind three energy-focused SPACs, including 2018 IPO Spartan Energy Acquisition which recently completed its combination with electric car maker Fisker (FSR; +57% from $10 offer price), as well as Spartan Acquisition II (SPRQ; pending: Sunlight Financial) and Spartan Acquisition III (SPAQ.U).
Apollo Strategic Growth Capital II plans to list on the NYSE under the symbol APGB.U. Deutsche Bank, Barclays, and Credit Suisse served as joint bookrunners, with co-bookrunners Apollo Global Securities, RBC Capital Markets, Siebert Williams Shank and Academy Securities.
