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Lion Capital's fourth SPAC Leo Holdings IV files for a $300 million IPO

February 23, 2021
LIVU.RC

Leo Holdings IV, the fourth blank check company formed by Lion Capital executives targeting consumer businesses, filed on Tuesday with the SEC to raise up to $300 million in an initial public offering.

The Nassau, Bahamas-based company plans to raise $300 million by offering 30 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, Leo Holdings III would command a market value of $375 million.

The company is led by CEO and Director Lyndon Lea, co-founder and Managing Partner of Lion Capital; CFO and Director Robert Darwent, co-founder of Lion Capital, where he sits on the Investment Committee and Operating Committee; and Chairman Ed Forst, who currently serves as Chairman and Partner of Lion Capital. The company plans to target the consumer sector, focusing on established businesses with a leading competitive position, strong management team, and collaborative and collegiate culture, among other characteristics.

The group's previous SPACs include Leo Holdings III (LIII.U), which filed in January to raise $200 million, Leo Holdings II (LHC.U: +5% from $10 offer price), which raised $350 million in January, and Leo Holdings, which went public in February 2018 and acquired Digital Media Solutions (DMS; +43%) in July 2020.

Leo Holdings IV was founded in 2021 and plans to list on the NYSE. The company has not yet chosen a ticker (RC ticker: LIVU.RC). Deutsche Bank and Credit Suisse are the joint bookrunners on the deal.