H.I.G. Acquisition, a blank check company formed by H.I.G. Capital, lowered the proposed deal size for its upcoming IPO on Thursday.
The Miami, FL-based company now plans to raise $325 million by offering 32.5 million units at a price of $10. The company had previously filed to offer 45 million units at $10. Each unit still consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the revised deal size, H.I.G. Acquisition will raise -28% less in proceeds than previously anticipated.
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.
