Motive Capital, a blank check company formed by Motive Partners targeting the fintech sector, filed on Wednesday 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 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $140 million at the closing of an acquisition pursuant to a forward purchase agreement with affiliates of Motive Partners. At the proposed deal size, Motive Capital would command a market value of $375 million.
The company is led by Executive Chairman Rob Heyvaert, founder and Managing Partner of specialist private equity firm Motive Partners, and CEO and Director Blythe Masters, an Industry Partner at Motive Partners and former CEO of enterprise blockchain fintech Digital Asset. Motive Capital plans to leverage its management team's experience and target the fintech sector, primarily focusing on banking and payments, capital markets, data and analytics, insurance, and investment management.
Motive Capital was founded in 2020 and plans to list on the NYSE under the symbol MOTV.U. The company filed confidentially on October 13, 2020. UBS Investment Bank and J.P. Morgan are the joint bookrunners on the deal.
