NewHold Investment, a blank check company formed by NewHold Enterprises targeting an industrial technology business, filed on Friday with the SEC to raise up to $150 million in an initial public offering.
The Houston, TX-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Anchor investors NewHold Enterprises, Magnetar Capital, UBS O'Connor, and Mint Tower Capital Management intend to purchase $40 million worth of units in the offering. At the proposed deal size, NewHold Investment would command a market value of $188 million.
The company is led by CEO Kevin Charlton, who is the Co-Chairman of NewHold Enterprises and previously co-founded private equity firm River Hollow Partners, and Chairman Thomas Sullivan, who is a partner at investment firm Standard General. The company plans to target industrial technology businesses with an aggregate enterprise value of $700+ million, focusing on those that are using advanced data analytics, software, artificial intelligence, and cutting edge instrumentation and process automation.
NewHold Investment was founded in 2020 and plans to list on the Nasdaq under the symbol NHICU. NewHold Investment filed confidentially on March 10, 2020. Stifel is the sole bookrunner on the deal.
