Leo Holdings, a blank check company formed by Lion Capital executives to acquire a consumer business, lowered the proposed deal size for its upcoming IPO on Friday. The SPAC originally planned to price its IPO on Thursday, February 8, but delayed pricing into the following week.
The London, United Kingdom-based company now plans to raise $200 million by offering 20 million units at a price of $10. The company had previously filed to offer 30 million units at the same price. Each unit consists of one ordinary share and one-third of one warrant exercisable at $11.50. Leo Holdings will now raise 33% less in proceeds than previously anticipated.
Leo Holdings was formed in 2017 and plans to list on the NYSE under the symbol LHC.U. Citi is the sole bookrunner on the deal. It is expected to price during the week of February 12, 2018.
