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ShiftPixy's SPAC Industrial Human Capital files for a $250 million IPO, targeting industrial staffing solutions

April 29, 2021
AXHU

Industrial Human Capital, a blank check company formed by ShiftPixy targeting light industrial staffing solutions in North America, filed on Thursday with the SEC to raise up to $250 million in an initial public offering.

The Miami, FL-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Industrial Human Capital would command a market value of $313 million.

The company is led by CEO and Chairman Scott Absher, who currently serves as the CEO of human capital management platform ShiftPixy (Nasdaq: PIXY) and President of Struxurety, and CFO Domonic Carney, who currently serves as the CFO of ShiftPixy. Industrial Human Capital plans to target companies distressed by the COVID-19 pandemic that provide staffing solutions in North America to clients in the light industrial sector.

Industrial Human Capital is one of four blank check companies sponsored by ShiftPixy that filed on Thursday, all targeting staffing solutions in various industries. The others are healthcare-focused Vital Human Capital (VITU), tech-focused TechStackery (TSYU), and insurance-focused Insurity Capital (FMGU).

Industrial Human Capital was founded in 2021 and plans to list on the NYSE under the symbol AXHU. A.G.P. is the sole bookrunner on the deal.