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Brazilian financial firm's SPAC XPAC Acquisition files for a $200 million IPO

May 13, 2021
XPAXU

XPAC Acquisition, a Brazil-focused blank check company formed by Brazilian financial services firm XP, filed on Thursday with the SEC to raise up to $200 million in an initial public offering.

The New York, NY-based company plans to raise $200 million by offering 20 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, XPAC Acquisition would command a market value of $250 million.

The company is led by CEO and Chairman Chu KongCIO Guilherme Teixeira, and CFO Fabio Kann, who are all Partners of XP (XP) and work within its Private Equity division. XP, which completed its US IPO in 2019, operates a technology-driven platform and provides financial products and services in Brazil. The SPAC plans to leverage the XP platform in Brazil and target the healthcare, financial services, education, consumer goods & retail, and technology sectors in Brazil.

XPAC Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol XPAXU. Citi is the sole bookrunner on the deal.