B Capital Technology Opportunities, a blank check company formed by B Capital Group targeting transformational tech, lowered the proposed deal size and removed the warrants from its upcoming IPO on Wednesday. The company also added Citi as a bookrunner.
The New York, NY-based company now plans to raise $200 million by offering 20 million shares at $10 per share. The company had previously filed to offer 30 million units at $10, with each unit containing one-third of a share, exercisable at $11.50. At the new proposed deal size, B Capital Technology Opportunities will raise 33% less in proceeds than previously anticipated.
The company is led by Chairman Howard Morgan, co-founder and Chairman of global multi-stage investment firm B Capital Group, and CEO and Director Raj Ganguly, co-founder and Co-Managing General Partner of B Capital. The company plans to focus on targets with operations or prospective operations in technology that is transforming large traditional industries such as consumer enablement, financial services, health & wellness, and industrial & transportation.
B Capital Technology Opportunities was founded in 2021 plans to list on the Nasdaq under the symbol BCTA. Credit Suisse, and Citi are the joint bookrunners on the deal
