Healthcare-focused Orion Acquisition files for a $300 million IPO

Orion Acquisition, a blank check company led by former WellCare execs targeting the healthcare industry, filed on Friday with the SEC to raise up to $300 million in an initial public offering.

The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Orion Acquisition would command a market value of $375 million. 

The company is led by CEO, CFO and Director Beau Garverick, who has approximately 20 years of experience in healthcare finance, most recently serving as SVP of Corporate Development, Strategy, and IR at WellCare Health Plans, and Chairman Kenneth Burdick, who previously served as CEO of WellCare. The SPAC has partnered with Halle Capital Management for operational support, including due diligence and analytical resources.

Orion Acquisition plans to list on the Nasdaq under the symbol OHPAU. Credit Suisse is the sole bookrunner on the deal.