SPAC NextGen Acquisition II files for a $400 million IPO

NextGen Acquisition II, a blank check company targeting the industrial, technology, and healthcare sectors, filed on Thursday with the SEC to raise up to $400 million in an initial public offering.

The Boca Raton, FL-based company plans to raise $400 million by offering 40 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, NextGen Acquisition II would command a market value of $500 million.

The company is led by Co-Chairman George Mattson, a former Partner and Co-Head of the Global Industrials Group in Investment Banking at Goldman Sachs, and Co-Chairman Gregory Summe, the founder and Managing Partner of Glen Capital Partners. The company plans to leverage its management team's experience and target the industrial, technology, and healthcare sectors.

Management's previous SPAC, NextGen Acquisition (NGAC; +5% from $10 offer price), went public in October 2020 and has a pending merger agreement with EV maker Xos.

NextGen Acquisition II was founded in 2021 and plans to list on the Nasdaq under the symbol NGCAU. Goldman Sachs and Credit Suisse are the joint bookrunners on the deal.