Spartan Acquisition IV, a blank check company formed by Apollo Global Management targeting the energy transition space, filed on Wednesday with the SEC to raise up to $400 million in an initial public offering.
The New York, NY-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, Spartan Acquisition IV would command a market value of $500 million.
The company is led by CEO and Chairman Geoffrey Strong, who is a Senior Partner at Apollo, and CFO and CAO Julia Ji, who serves as the CFO for Private Equity and Real Assets at Apollo. The company plans to target businesses in the energy value chain, focusing on opportunities aligned with energy transition and sustainability themes. Specifically, it intends to focus on the renewable energy, energy storage, mobility, advanced fuels, and carbon mitigation sectors.
Spartan Acquisition IV was founded in 2021 and plans to list on the Nasdaq. It has not selected a symbol yet (RC ticker: SPAFU.RC). Goldman Sachs, Citi, Credit Suisse, Barclays and RBC Capital Markets are the joint bookrunners on the deal.
