Renaissance Capital logo

Latin America-focused SPAC Arago Acquisition files for a $75 million IPO

May 6, 2022

Arago Acquisition, a Latin America-focused blank check company backed by Arago Gestión and Alta Growth Capital, filed on Friday with the SEC to raise up to $75 million in an initial public offering.

The company plans to raise $75 million by offering 7.5 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. At the proposed deal size, Arago Acquisition would command a market value of $95 million.

The company is led by Executive Chairman Javier Teruel, the Chairman of private equity firm Alta Growth Capital and a co-founder of Spectron Desarrollo, and CEO and Director Reynaldo Sandoval, the founder of private-market asset manager Arago Gestión. Arago Acquisition plans to target high growth businesses that are headquartered in Latin America and are operating within sectors that have significant unmet demand.

The Mexico City, Mexico-based company was founded in 2021 and plans to list on the Nasdaq under the symbol ARAGU. Arago Acquisition filed confidentially on November 29, 2021. EF Hutton is the sole bookrunner on the deal.