Fintech and proptech SPAC SILVERspac prices $250 million IPO

SILVERspac, a blank check company targeting the proptech and fintech sectors, raised $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. Certain anchor investors had indicated on $235 million worth of units in the offering (94% of the deal).

The company is led by CFO and Chairman Tal Kerret and CEO and Director Charles Federman, who together co-founded Silvertech Ventures in 2015 and serve as Managing Members. SILVERspac intends to concentrate on identifying businesses that provide technology and innovation solutions to the real estate and financial services industries, broadly referred to as the proptech and fintech sectors.

SILVERspac plans to list on the Nasdaq under the symbol SLVRU. Goldman Sachs and Citi acted as joint bookrunners on the deal.