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.