Bridgetown 2 Holdings, the second blank check company formed by Pacific Century and Thiel Capital targeting new economy sectors in Southeast Asia, raised the proposed deal size for its upcoming IPO on Wednesday.
The Hong Kong, China-based company now plans to raise $260 million by offering 26 million shares at a price of $10. The company had previously filed to offer 20 million shares at the same price. Unlike most SPACs, Bridgetown 2's offering will not contain warrants. Affiliates of the sponsor intend to purchase $90 million worth of shares in the offering. At the revised deal size, Bridgetown 2 Holdings will raise 30% more in proceeds than previously anticipated.
The company is led by CEO, CFO, and Director Daniel Wong, who serves as SVP of Pacific Century Group, and Chairman Matt Danzeisen, who is Head of Private Investments at Thiel Capital, an investment firm founded by his husband Peter Thiel. Directors include former Y Combinator President and current OpenAI CEO Sam Altman, RRE Ventures Partner Jay Hass, and LINE Corp CFO In Joon Hwang. The team's previous SPAC, Bridgetown Holdings (BTWNU; +77% from $10 offer price), raised $550 million in October 2020 and traded up after news broke that it was exploring a $10 billion acquisition of Tokopedia (TOKO.RC). Bridgetown 2 Holdings plans on targeting a company in Southeast Asia with operations or prospective operations in the technology, financial services, or media sectors.
Bridgetown 2 Holdings was founded in 2020 and plans to list on the Nasdaq under the symbol BTNB. Citi and BTIG are the joint bookrunners on the deal.
