Warburg Pincus Capital I-B, the second blank check company formed by Warburg Pincus, filed on Wednesday with the SEC to raise up to $500 million in an initial public offering.
The New York, NY-based company plans to raise $500 million by offering 50 million units at $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, Warburg Pincus Capital I-B would command a market value of $625 million.
The company is led by CEO and Chairman Christopher Turner, who is a Managing Director at Warburg Pincus and leads its US Investment Support Group, and CFO and Director Tara O'Neill, who serves as an SVP in the Finance and Legal Department of Warburg Pincus. The company plans to target businesses with strong fundamental growth that could benefit from Warburg Pincus' experience, global presence, domain expertise, operational support, and extensive networks. Warburg Pincus Capital I-A filed concurrently with the firm's other SPAC, Warburg Pincus Capital I-A (WPCA.U).
Warburg Pincus Capital I-B was founded in 2020 and plans to list on the NYSE under the symbol WPCB.U. The company filed confidentially on January 13, 2021. Citi, Credit Suisse, and Evercore ISI are the joint bookrunners on the deal.
