Primavera Capital Acquisition, a blank check company formed by Primavera Capital targeting a consumer business with a presence in China, filed on Wednesday with the SEC to raise up to $300 million in an initial public offering.
The Hong Kong-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-half of a warrant, exercisable at $11.50. The company may raise an additional $80 million at the closing of an acquisition pursuant to a forward purchase agreement with Aspex Management and Sky Venture Partners. At the proposed deal size, Primavera Capital Acquisition would command a market value of $395 million.
The company is led by CEO, CFO, and Director Max Chen, a Founding Member and Partner of Primavera Capital Group, and Founder Fred Hu, Founding Chairman of Primavera Capital Group. The company plans to target global consumer companies with a significant China presence or a compelling China potential.
Primavera Capital Acquisition was founded in 2020 and plans to list on the NYSE under the symbol PV.U. The company filed confidentially on July 24, 2020. Credit Suisse and Citi are the joint bookrunners on the deal.
