Renaissance Capital logo

Industrial technology SPAC NewHold Investment II files for a $175 million IPO

March 24, 2021

NewHold Investment II, the second blank check company formed by NewHold Enterprises targeting industrial technology, filed on Wednesday with the SEC to raise up to $175 million in an initial public offering.

The Houston, TX-based company plans to raise $175 million by offering 17.5 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. Certain anchor investors have indicated interest in purchasing up to $35 million worth of units in the offering. At the proposed deal size, NewHold Investment II would command a market value of $219 million. 

The company is led by CEO Kevin Charlton, who is the Co-Chairman of NewHold Enterprises and previously co-founded private equity firm River Hollow Partners, and Chairman Thomas Sullivan, who is a partner at investment firm Standard General. The company plans to target industrial technology businesses with an aggregate enterprise value of $700+ million, focusing on those that are using advanced data analytics, software, artificial intelligence, and cutting edge instrumentation and process automation. The group's previous SPAC, NewHold Investment (NHIC; +1% from $10 offer price), is pending an acquisition of Evolv Technology.

NewHold Investment II was founded in 2021 and plans to list on the Nasdaq under the symbol NHLDU. Stifel is the sole bookrunner on the deal.