InterPrivate III Financial Partners, the third blank check company backed by InterPrivate targeting financial services, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.
The New York, NY-based company plans to raise $200 million by offering 20 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, InterPrivate III Financial Partners will command a market value of $258 million.
The company is led by CEO and Chairman Ahmed Fattouh, who founded private equity firm InterPrivate and has served as CEO since its 2017 inception. InterPrivate's other SPACs include InterPrivate IV InfraTech Partners (IPVIU) and InterPrivate II Acquisition (IPVA.U), which both filed concurrently with InterPrivate III Financial Partners, and InterPrivate Acquisition (IPV; +71% from $10 offer price), which raised $210 million in February 2020 and is pending a combination with lidar firm Aeva.
InterPrivate III Financial Partners intends to concentrate on identifying businesses in the financial services industry with a particular focus on tech-enabled companies. The company plans to seek opportunities in the following financial services sub-sectors: Asset & Wealth Management, Banking, Non-Bank Lending, Payments, Insurance, and Others.
InterPrivate III Financial Partners was founded in 2020 and plans to list on the NYSE under the symbol IPVF.U. It filed confidentially on January 26, 2021. Morgan Stanley and EarlyBirdCapital are the joint bookrunners on the deal.
