Apollo Strategic Growth Capital, a blank check company formed by Apollo, filed on Wednesday with the SEC to raise up to $750 million in an initial public offering.
The New York-based company plans to raise $750 million by offering 75 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 deal size, Apollo Strategic Growth Capital would command a market value of $938 million.
The company is led by CEO Sanjay Patel, who is Chairman International and Senior Partner of Private Equity at Apollo, and CFO/CAO James Crossen, who serves as the CFO for Private Equity and Real Assets at Apollo. While it has not selected a target industry or geography, the company plans to leverage its management team's experience and the broader Apollo platform to target growth-oriented businesses.
Apollo's previous SPAC, Spartan Energy Acquisition (SPAQ; +66% from $10 offer price), went public in August 2018 and recently announced plans to acquire electric car maker Fisker.
Apollo Strategic Growth was founded in 2008, under the name APH III, and plans to list on the NYSE under the symbol APSG.U. Citi, Credit Suisse, and Goldman Sachs are the joint bookrunners on the deal.
