TWC Tech Holdings II, the second blank check company formed by True Wind Capital targeting the tech industry, filed on Tuesday with the SEC to raise up to $525 million in an initial public offering.
The San Francisco, CA-based company plans to raise $525 million by offering 52.5 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. The company may raise an additional $100 million at the closing of an acquisition pursuant to a forward purchase agreement with its sponsor. At the proposed price, TWC Tech Holdings II would command a market value of $656 million.
The company is led by CEO and Director Adam Clammer and Chairman James Greene Jr., both of whom are founding partners of and members of the investment committee at True Wind Capital. The company plans to target the technology and technology-enabled services sectors, specifically those with overall transaction values between $1 billion and $10 billion.
True Wind Capital's previous SPAC, Nebula Acquisition, went public in January 2018 and completed its combination with auto finance analytics and services provider Open Lending (LPRO; +73% from $10 offer price) in June 2020.
TWC Tech Holdings II was founded in 2020 and plans to list on the Nasdaq under the symbol TWCTU. Citi and Deutsche Bank are the joint bookrunners on the deal.
