ScION Tech Growth II, the second UK blank check company formed by ION Investment Group targeting technology, filed on Wednesday with the SEC to raise up to $300 million in an initial public offering.
The London, UK-based company plans to raise $300 million by offering 30 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. Pursuant to a forward purchase agreement with its sponsor, the company may raise an additional $100 million (or up to $300 million, at the sponsor's discretion) at the closing of an acquisition. At the proposed deal size, ScION Tech Growth II would command a market value of $375 million.
The company is led by Executive Chairman Andrea Pignataro, who is the founder and CEO of ION Investment Group, and CEO and Director Mathew Cestar, who previously served as Co-Head of EMEA Investment Banking and Capital Markets at Credit Suisse. The group's previous SPAC, ScION Tech Growth I (SCOAU; +11% from $10 offer price) raised $500 million in December of last year. ScION Tech Growth II intends to target tech-enabled businesses that offer specific technology solutions, broader technology software, and services in the financial services sector.
ScION Tech Growth II was founded in 2020 and plans to list on the Nasdaq under the symbol SCOBU. It filed confidentially on January 6, 2021. Citi is the sole bookrunner on the deal.
