Guggenheim Special Purpose Acquisition I, a blank check company formed by Guggenheim Partners targeting the financial services sector, filed on Tuesday with the SEC to raise up to $500 million in an initial public offering.
The Chicago, IL-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-third of a warrant, exercisable at $11.50. At the proposed deal size, Guggenheim Special Purpose Acquisition I would command a market value of $625 million.
The company is led by CEO and Director Andrew Rosenfield, who currently serves as President of Guggenheim Partners, as well as President of Gores Guggenheim (GGPIU), a SPAC formed by The Gores Group and Guggenheim that recently filed to raise $750 million. He is joined by CFO David Korman, a Senior Managing Director of Guggenheim. The company plans to target the financial services industry, focusing on businesses with market leading franchises, strong management teams, and sustainable and proven unit economics, among other characteristics.
Guggenheim Special Purpose Acquisition I was founded in 2021 and plans to list on the NYSE under the symbol GGI.U. Citi is the sole bookrunner on the deal.
