Mubadala Capital's SPAC Blue Whale Acquisition files for a $200 million IPO

Blue Whale Acquisition I, a blank check company formed by Mubadala Capital targeting media and entertainment, filed on Friday with the SEC to raise up to $200 million in an initial public offering.

The Cayman Islands-based company plans to raise $200 million by offering 20 million units at $10 per unit. Each unit contains one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, the company would command a market value of $222 million. 

Blue Whale Acquisition I is led by CEO and Director Maxime Franzetti, co-founder and Head of Public Equities and SPACs of Mubadala Capital, a subsidiary of Mubadala, and CFO Russ Pillar, founder and Executive Chairman of Reigning Champs. The company aims to leverage management's experience to target businesses that benefit from the growth of connected devices and digital streaming services.

The company was founded in 2021 and plans to list on the Nasdaq under the symbol BWCAU. Blue Whale Acquisition I filed confidentially on May 13, 2021. Goldman Sachs, and BofA Securities are the joint bookrunners on the deal.