Renaissance Capital logo

App-focused SPAC dMY Technology Group IV files for a $250 million IPO

February 17, 2021

dMY Technology Group IV, a fourth blank check company formed by Niccolo de Masi and Harry You targeting an app business, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.

The Las Vegas, NV-based company plans to raise $250 million by offering 25 million units at a price of $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, dMY Technology Group IV would command a market value of $313 million.

The company is led by CEO and Director Niccolo de Masi, CIO of Resideo Technologies (NYSE: REZI) and former CEO of Glu (Nasdaq: GLUU), and Chairman Harry You, who founded GTY (Nasdaq: GTYH) in 2016 and has served as its Vice Chairman since 2019. The SPAC plans to target companies in the consumer technology ecosystem that are either consumer-facing or support the infrastructure of consumer apps, with enterprise values between $1 billion and $3 billion

The pair's previous SPACs include February 2020 IPO dMY Technology Group, which recently completed its business combination with Rush Street Interactive (RSI; +91% from $10 offer price); August 2020 IPO dMY Technology Group II (DMYD.U; +92%), which is pending an acquisition of Genius Sports; and November 2020 IPO dMY Technology Group III (DMYI.U; +25%), which raised $275 million in its offering.

dMY Technology Group IV was founded in 2020 and plans to list on the NYSE under the symbol DMYQ.U. Goldman Sachs is the sole bookrunner on the deal.