InterPrivate III Financial Partners, the third blank check company backed by InterPrivate targeting financial services, raised $225 million by offering 22.5 million shares 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 II Acquisition (IPVA.U), which both filed concurrently with InterPrivate III Financial Partners, 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 III Financial Partners intends to concentrate on identifying businesses in the financial services industry with a particular focus on tech-enabled companies. The company plans to seek opportunities in the following financial services sub-sectors: Asset & Wealth Management, Banking, Non-Bank Lending, Payments, Insurance, and Others.
InterPrivate III Financial Partners plans to list on the NYSE under the symbol IPVF.U. Morgan Stanley and EarlyBirdCapital acted as lead managers on the deal.
