Fifth Wall Acquisition II, the second blank check company formed by Fifth Wall targeting real estate technology, filed on Wednesday with the SEC to raise up to $150 million in an initial public offering.
The Los Angeles, CA-based company plans to raise $150 million by offering 15 million shares at $10. Unlike many SPACs, the company will not include warrants in the offering. At the proposed deal size, Fifth Wall Acquisition II will command a market value of $194 million.
The company is led by CEO and Chairman Brendan Wallace, who has served as Co-Founder and Managing Partner of Fifth Wall Ventures since 2016, and CFO and Director Andriy Mykhaylovskyy, who has been a Managing Partner at Fifth Wall Ventures since 2017. The group's previous SPAC, Fifth Wall Acquisition I (FWAA; +1% from $10 offer price), raised $300 million in February of this year.
Fifth Wall Acquisition II intends to leverage its management team's experience and target a technology business focusing on verticals of the real estate industry, as well as the adjacent industries that collectively make up the human-made environment that provides the setting for human activity, ranging in scale from buildings to cities and beyond, which they refer to as the “Built World.”
Fifth Wall Acquisition II was founded in 2021 and plans to list on the Nasdaq under the symbol FWAB. Deutsche Bank is the sole bookrunner on the deal.
