Sustainability-focused SPAC The Growth For Good Acquisition files for a $220 million IPO

The Growth For Good Acquisition, a blank check company targeting sustainable businesses, filed on Wednesday with the SEC to raise up to $220 million in an initial public offering.

The company plans to raise $220 million by offering 22 million units at $10. Each unit consists of one share of common stock, one right to receive one-sixteenth of share upon the consummation of an initial business combination, and one-half of a warrant, exercisable at $11.50. Two anchor investors intend to purchase $42 million worth of units in the offering (19% of the deal). At the proposed deal size, The Growth For Good Acquisition would command a market value of $282 million. 

The New York, NY-based company is led by CEO and Director Yana Watson Kakar, Global Managing Partner Emeritus of Dalberg Advisors; CFO and COO Rahul Kakar, a member of the Executive Team and Principal at Advanced Portfolio Management; and President David Birnbaum, co-founder and Managing Partner of Five Four Ventures. 

The company plans to target inclusive and environmentally sustainable businesses with strong fundamentals and high growth potential, focusing on areas including food and agriculture, energy, water, the built environment, transportation and mobility, consumer goods, and heavy industry.

The company was founded in 2021 and plans to list on the Nasdaq under the symbol GFGDU. The Growth For Good Acquisition filed confidentially on August 18, 2021. Credit Suisse and Barclays are the joint bookrunners on the deal.