Altimar Acquisition, a blank check company formed by HPS Investment Partners, lowered the proposed deal size for its upcoming IPO on Wednesday.
The New York, NY-based company now plans to raise $250 million by offering 25 million units at a price of $10. The company had previously filed to offer 30 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, Altimar Acquisition will raise -17% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Tom Wasserman, Managing Director and head of the Growth Equity Group at HPS Investment Partners, and CFO Wendy Lai, who is also a Managing Director at HPS and leads the corporate finance, regulatory capital compliance, and technology transformation of financial systems. Altimar Acquisition plans to focus on four key industries: TMT, healthcare, financial services/fintech, and consumer. Altimar intends to pursue companies that are poised to experience strong growth and possess efficient business models that have or may have strong cash flow generation.
Altimar Acquisition was founded in 2020 and plans to list on the NYSE under the symbol ATACU. Goldman Sachs is the sole bookrunner on the deal.
