Sustainability-focused SPAC The Growth For Good Acquisition prices $220 million IPO

The Growth For Good Acquisition, a blank check company targeting sustainable businesses, raised $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. Anchor investors had indicated $42 million worth of units in the offering (19% of the deal).

The 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 Growth For Good Acquisition plans to list on the Nasdaq under the symbol GFGDU. Credit Suisse and Barclays acted as joint bookrunners on the deal.