Cloud-focused SPAC Founder SPAC prices $275 million IPO

Founder SPAC, a blank check company targeting the cloud and other digital transformation sectors, raised $275 million by offering 27.5 million units at $10. Each unit contains one share of common stock and one-half of a warrant, exercisable at $11.50.

Founder SPAC is led by Executive Chairman Hassan Ahmed, co-founder and former CEO of Affirmed Networks, which was acquired by Microsoft in 2020; CEO and Director Osman Ahmed, an investor at KCK Group; and CFO Manpreet Singh, the founder and CIO of Singh Capital Partners. The company aims to leverage managements experience to target the technology sector, with a specific focus on digital transformation, which it views as the migration of compute and business processes to the cloud.

Founder SPAC plans to list on the Nasdaq under the symbol FOUNU. Jefferies acted as sole bookrunner on the deal.