Financials-focused SPAC FinServ Acquisition II prices upsized $265 million IPO

FinServ Acquisition II, the second blank check company led by finance veterans targeting the fintech industry, raised $265 million by offering 26.5 million units at $10. The company offered 1.5 million more units than anticipated. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. Certain anchor investors had indicated on $98 million worth of units in the offering.

The company is led by CEO and Director Lee Einbinder, who most recently served as Vice Chairman of Barclays, and President and Director Howard Kurz, who founded Lily Pond Capital Management in 2001 and currently serves as CEO. The pair's previous SPAC, FinServ Acquisition (FSRV; +76% from $10 offer price) went public in October 2019 and has a pending merger agreement with e-commerce fintech Katapult. 

FinServ Acquisition II intends to target businesses in the fintech and financial services industries with equity values between $500 million and $2 billion, with a particular emphasis on businesses that are using technology to disrupt traditional financial services, asset management, specialty finance, insurance, and real estate services.

FinServ Acquisition II plans to list on the Nasdaq under the symbol FSRXU. Citi and Barclays acted as lead managers on the deal.