Healthcare-focused SPAC Spindletop Health Acquisition files for a $200 million IPO

Spindletop Health Acquisition, a blank check company targeting the US healthcare industry, filed on Friday with the SEC to raise up to $200 million in an initial public offering.

The Austin, TX-based company plans to raise $200 million by offering 20 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Spindletop Health Acquisition will command a market value of $250 million. 

The company is led by CEO, CFO, and Director Evan Melrose, who founded Spindletop Capital in 2011 and serves as Managing Director. He is joined by Chairman James Henry, who brings 37 years of experience from PricewaterhouseCoopers where he recently served as Global Healthcare Leader. Spindletop Health Acquisition intends to focus its investment efforts broadly across the entire healthcare and healthcare-related industries in the United States, with an emphasis on healthcare services, healthcare information technology, insurance and related products, biotechnology, pharmaceuticals, medical devices, and diagnostics.

Spindletop Health Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol SHCAU. Barclays and Stifel are the joint bookrunners on the deal.