New Frontier Corp., a Chinese blank check company formed to acquire a healthcare, technology or education business, raised $250 million by offering 25 million units at $10. Insiders had intended to purchase up to 9 million units on the IPO. The company originally planned to offer 20 million units before increasing the deal size to 22 million units last week.
Each unit consists of one Class A ordinary share and one-half of one warrant redeemable at $11.50 per share.
New Frontier Corp. plans to list on the NYSE under the symbol NFC.U. Credit Suisse and UBS Investment Bank acted as lead managers on the deal.
