H.I.G. Acquisition, a blank check company formed by H.I.G. Capital, filed on Monday with the SEC to raise up to $450 million in an initial public offering.
The Miami, FL-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-third of a warrant, exercisable at $11.50. At the proposed deal size, H.I.G. Acquisition would command a market value of $563 million.
The company is led by CEO Brian Schwartz, who is Co-President of H.I.G. Capital and has led 25 acquisitions with the company, and CFO Timur Akazhanov, who is the Managing Director of the Advantage Fund at H.I.G. Capital and specializes in telecommunications, media, and tech private equity investments. While the company has not selected a target industry, it plans to leverage its management team's experience to identify a market-leading business that may provide opportunities for attractive risk-adjusted returns.
H.I.G. Acquisition was founded in 2020 and plans to list on the NYSE under the symbol HIGA.U. Credit Suisse, Morgan Stanley and BofA Securities are the joint bookrunners on the deal.
