IB Acquisition, a blank check company targeting fintech, healthcare, entertainment, and consumer goods, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
The Boca Raton, FL-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one right to receive one-tenth of a share upon the completion of an initial business combination. At the proposed deal size, IB Acquisition would command a market value of $137 million.
The company is led by CEO and Chairman Al Lopez, the founder of Alma Coffee and former CEO of mail order retailer Blair Corp. The company's investment strategy is not specific to any sector, though management believe there are compelling opportunities in areas including fintech, healthcare and life sciences, sports and entertainment, and consumer goods. It plans to target companies in North America, Europe, and Asia, with an enterprise value of at least $500 million.
IB Acquisition was founded in 2020 and plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: IBAU.RC). I-Bankers Securities and IB Capital are the joint bookrunners on the deal.
