Technology SPAC Stillwater Growth I files for a $300 million IPO

Stillwater Growth I, a blank check company targeting tech businesses with large addressable markets, filed on Friday with the SEC to raise up to $300 million in an initial public offering.

The Burlingame, CA-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Stillwater Growth I would command a market value of $375 million.

The company is led by Chairman George Still Jr., the founder and manager of Still Capital Partners, and CEO Mark Bradley, a founding partner of DBO Partners. The company plans to target high-quality, growing businesses in the technology industry with large total addressable markets.

Stillwater Growth I was founded in 2021 and plans to list on the Nasdaq under the symbol SWGCU. Stillwater Growth I filed confidentially on March 8, 2021. BofA Securities is the sole bookrunner on the deal.