Tishman Speyer Innovation II, the second blank check company formed by Tishman Speyer targeting real estate and property technology businesses, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.
The New York, NY-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Tishman Speyer Innovation II would command a market value of $313 million.
The company is led by CEO and Chairman Robert Speyer, who currently serves as CEO of real estate investment firm Tishman Speyer, and COO, CFO, and Director Paul Galiano, who currently serves as Senior Managing Director of Tishman Speyer. The group's previous SPAC, TS Innovation Acquisitions (TSIA; +50% from $10 offer price), raised $300 million in November 2020 and recently announced a merger agreement with enterprise SAAS platform Latch.
Tishman Speyer Innovation II intends to focus on identifying businesses that can benefit from the sponsor's leading brand, operational expertise, and global network in the real estate industry, including real estate adjacent businesses and technologies targeting the real estate space, otherwise known as "Proptech" businesses.
Tishman Speyer Innovation II was founded in 2020 and plans to list on the Nasdaq under the symbol TSIBU. It filed confidentially on November 25, 2020. BofA Securities and Allen & Company are the joint bookrunners on the deal.
