Periphas Capital Partnering, a blank check company formed by Periphas Capital, filed on Thursday with the SEC to raise up to $300 million in an initial public offering.
The New York, NY-based company plans to raise $300 million by offering 12 million units, which the company calls CAPS (Capital which Aligns and Partners with a Sponsor) securities, at a price of $25. Each CAPS security consists of one share of common stock and one-quarter of a warrant, exercisable at $28.75. At the proposed deal size, Periphas Capital Partnering would command a market value of $323 million and will receive a promote of only 6.25%, with additional "alignment shares" rewarded for outsized post-merger returns over a series of years.
The company is led by CEO and Chairman Sanjeev Mehra, who co-founded Periphas Capital in 2017 and currently serves as Managing Partner, and CFO John Bowman, who was also a founding member of Periphas Capital and currently serves as CFO. Prior to Periphas, Mehra and Bowman both worked for over 20 years at Goldman Sachs. Periphas Capital Partnering plans to target technology-enabled businesses, business services, industrials, and consumer companies with enterprise values greater than $750 million.
Periphas Capital Partnering Corporation was founded in 2020 and plans to list on the NYSE under the symbol PCPC.U. Evercore ISI is the sole bookrunner on the deal.
