SPAC Freedom Acquisition I, led by the former CEO of Credit Suisse, prices upsized $300 million IPO

Freedom Acquisition I, a blank check company led by the former CEO of Credit Suisse targeting financial services, raised $300 million by offering 30 million units at $10. The company offered 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. The PIMCO private fund, an affiliate of the sponsor, had indicated on $25 million worth of units in the offering.

The company is led by Executive Chairman Tidjane Thiam, who previously served as the CEO of Credit Suisse Group from 2015 to 2020, and before that served as the CEO of Prudential. He is joined by CEO Adam Gishen, who most recently served as the Global Head of Investor Relations, Corporate Communications, and Marketing and Branding at Credit Suisse. Freedom Acquisition I plans to target the financial services sector, focusing on businesses that are technology-enabled and demonstrate growth and scalability potential.

Freedom Acquisition I plans to list on the NYSE under the symbol FACT.U. J.P. Morgan, Deutsche Bank, and Morgan Stanley acted as lead managers on the deal.