Burgundy Technology Acquisition, a blank check company formed by the former CEO of HP and a former Citi executive targeting the tech industry, filed on Friday with the SEC to raise up to $400 million in an initial public offering.
The Cayman Islands-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed price, Burgundy Technology Acquisition would command a market value of $510 million.
The company is led by Co-CEO and Chairman Leo Apotheker, who previously served as the CEO of Hewlett-Packard and SAP, and Co-CEO and CFO Jim Mackey, who previously served as Managing Director and Chairman of the Software and Technology Investment Banking Group at Citi and EVP of Executive Operations at Blackberry. The company plans to target the technology sector, particularly companies in enterprise software or technology-enabled services with an enterprise value between $750 million and $2 billion.
Burgundy Technology Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol BTAQU. Burgundy Technology Acquisition filed confidentially on June 29, 2020. Mizuho Securities is the sole bookrunner on the deal.
