BowX Acquisition, a blank check company formed by Bow Capital Management to acquire a TMT business, filed on Friday with the SEC to raise up to $350 million in an initial public offering.
The Menlo Park, CA-based company plans to raise $350 million by offering 35 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed price, BowX Acquisition would command a market value of $438 million.
The company is led by Co-CEO and Chairman Vivek Ranadivé, who is the founder and Managing Director of Bow Capital Management, and Co-CEO and CFO Murray Rode, who is a senior advisor and consultant to Bow Capital Management. The pair developed TIBCO Software, a real time integration, process automation and analytics company, which was sold to Vista Equity Partners in 2014 for $4.3 billion. BowX Acquisition plans to target businesses in the technology, media, and telecommunications (TMT) industries with enterprise values between $1 billion and $3 billion.
BowX Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol BOWXU. The company filed confidentially on June 1, 2020. UBS Investment Bank is the sole bookrunner on the deal.
