Apollo Strategic Growth Capital III, the third blank check company formed by Apollo targeting growth businesses, filed on Monday 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-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Apollo Strategic Growth Capital III would command a market value of $500 million.
The company is led by CEO and Chairman Sanjay Patel, who is Chairman International and Senior Partner of Private Equity at Apollo, and CFO and CAO James Crossen, who serves as the CFO for Private Equity and Real Assets at Apollo. While it has not selected a target industry or geography, the company plans to leverage its management team's experience and the broader Apollo platform to target growth-oriented businesses.
The New York, NY-based company was founded in 2020 and plans to list on the NYSE under the symbol APGC.U. Apollo Strategic Growth Capital III filed confidentially on January 22, 2021. Credit Suisse, Apollo Global Securities, BofA Securities, Goldman Sachs and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
