Catcha Group announces pricing of US$275 mil base IPO for SPAC
KUALA LUMPUR (Feb 12): Internet investment firm Catcha Group announced the pricing of its special purpose acquisition company (SPAC) Catcha Investment Corp initial public offering of 27.50 million units at a price of US$10.00 per unit.
In a statement today, Catcha said the units will be listed on the New York Stock Exchange from today, confirming a report by theedgemarkets.com last month.
Read: Catcha Group-linked SPAC files for IPO in the US to raise US$250m
It said JP Morgan Securities LLC is serving as sole book-running manager for this IPO, and has an option to purchase up to an additional 4,125,000 units to cover over-allotments, which could increase the final size of the offering to above US$300 million.
The company will be led by the co-founders of Catcha Group Patrick Grove, who will serve as CEO and chairman, and Luke Elliott, who will serve as president and director.
Catcha said the SPAC’s independent directors include James Graf, an experienced SPAC executive who has sponsored or served as a director on five SPACs, the latest of which — Graf Industrial Corp — completed its business combination with Velodyne Lidar, Inc in September 2020; and Rick Hess, who is the Founder and Managing Partner of Cobalt Capital.
It said the SPAC is uniquely positioned as the only Southeast-Asian focused SPAC to be led by seasoned entrepreneurs, instead of finance professionals. It is also the only recently-launched SPACs to be targeting the Australian region.
Grove said rather than financiers or investors, the group considers itself entrepreneurs first.
“Having founded and taken multiple businesses public over the last two decades, we can empathise intimately with the experience and concerns of other entrepreneurs, especially those around the process of taking a company public,” he said.