InterPrivate II Acquisition, the second blank check company backed by merchant bank InterPrivate and led by founder Ahmed Fattouh, raised $225 million by offering 22.5 million units at $10. The company offered 2.5 million more units than anticipated. Each unit will consist of one share of common stock and one-fifth of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman Ahmed Fattouh, who founded private equity firm InterPrivate and has served as CEO since its 2017 inception. InterPrivate's other SPACs include InterPrivate IV InfraTech Partners (IPVIU) and InterPrivate III Financial Partners (IPVF.U), which both filed concurrently with InterPrivate II Acquisition, and InterPrivate Acquisition (IPV; +36% from $10 offer price), which raised $210 million in February 2020 and is pending a combination with lidar firm Aeva.
InterPrivate II Acquisition intends to focus on private companies that have positive operating cash flow or compelling unit economics and clear paths to positive operating cash flow, significant assets, and successful management teams, and are seeking access to the US public capital markets. Sectors that the company may pursue include auto-tech and mobility, business services, consumer, retail, e-commerce, and industrial technology, as well as businesses that possess their own differentiated technology. Management is targeting businesses with an enterprise value of $1 billion or more.
InterPrivate II Acquisition plans to list on the NYSE under the symbol IPVA.U. Morgan Stanley and EarlyBirdCapital acted as lead managers on the deal.
