Spartan Energy Acquisition, a blank check company led by Apollo executives focused on acquiring an energy business, filed for a $400 million IPO on Friday.
The New York, NY-based plans to raise $400 million by offering 40 million units at a price of $10. Each unit consists of one share of common stock and one third of a warrant to purchase one share of common stock. At $10, Spartan Energy Acquisition would command a market value of $500 million.
Spartan Energy Acquisition was founded in 2018 and plans to list on the NYSE under the symbol SPAQ.U. Citi and Credit Suisse are the joint bookrunners on the deal.
