Consumer internet SPAC Genesis Growth Tech Acquisition files for a $200 million IPO

Genesis Growth Tech Acquisition, a blank check company targeting the consumer internet industry in Europe, Israel, the UAE, or the US, filed on Friday with the SEC to raise up to $200 million in an initial public offering.

The Nidwalden, Switzerland-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-half of a warrant, exercisable at $11.50. At the proposed deal size, Genesis Growth Tech Acquisition would command a market value of $250 million.

The company is led by CEO, CFO, and Chairman Eyal Perez, the founder and Principal of Genesis Advisors; Co-Executive Chairman, CSO, and President Michael Lahyani, the founder and CEO of digital real estate and classifieds portal Property Finder; and Co-Executive Chairman, COO, and Executive Head of M&A Simon Baker, the Chairman of PropTech Group (ASX: PTG).

The company plans to target technology businesses operating primarily in the consumer internet industry with a substantial portion of activities in Europe, Israel, the UAE, or the US.

Genesis Growth Tech Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol GGAAU. Nomura Securities is the sole bookrunner on the deal.