Dragoneer Growth Opportunities II, the second blank check company formed by Dragoneer Investment Group, raised $240 million by offering 24 million shares at $10. Unlike an ordinary SPAC, Dragoneer Growth Opportunities II did not offer units with warrants attached. The company offered 4 million more shares than anticipated, and it may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with Dragoneer Investment Group.
The company is led by CEO and Chairman Marc Stad, the founder, CEO, and CIO of Dragoneer Investment Group; and COO and President Pat Robinson, who serves as COO and President of Dragoneer. Dragoneer's previous SPAC, Dragoneer Growth Opportunities (DGNR.U; +14% from $10 offer price), raised $600 million August. Dragoneer Growth Opportunities II will focus on targeting a business in the software, internet, media, consumer/retail, healthcare IT, and financial services/fintech sectors.
Dragoneer Growth Opportunities II plans to list on the Nasdaq under the symbol DGNS. Citi, Credit Suisse and Morgan Stanley acted as lead managers on the deal.
