TPG Pace Tech Opportunities, a blank check company formed by TPG Pace Group targeting the tech industry, filed on Friday with the SEC to raise up to $450 million in an initial public offering.
The Fort Worth, TX-based company plans to raise $450 million by offering 45 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 $50 million at the closing of an acquisition pursuant to a forward purchase agreement with TPG. It also plans to enter into additional forward purchase agreements with TPG and other third party entities for $100 million. At the proposed price, TPG Pace Tech Opportunities would command a market value of $563 million.
The company is led by Chairman Karl Peterson, a Senior Partner of TPG and Managing Partner of TPG Pace Group, the firm’s effort to sponsor special purpose acquisition companies and other permanent capital solutions for companies; and President Greg Mrva, the former CFO of StubHub. Director David Bonderman is a Founding Partner of TPG. The company plans to target a business in the technology industry that complements the experience and expertise of its management team and TPG.
TPG Pace Tech Opportunities was founded in 2019 and plans to list on the NYSE under the symbol PACE.U. The company filed confidentially on July 29, 2020. Deutsche Bank, J.P. Morgan, Barclays and TPG Capital BD are the joint bookrunners on the deal.
