Apollo Strategic Growth Capital II, the second blank check company formed by Apollo targeting growth-oriented businesses, raised the proposed deal size for its upcoming IPO on Thursday.
The New York, NY-based company now plans to raise $500 million by offering 50 million units at a price of $10. The company had previously filed to offer 40 million units at the same price. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the revised deal size, Apollo Strategic Growth Capital II will raise 25% more in proceeds than previously anticipated.
The company is led by Executive Chairman Scott Kleinman, the Co-President of Apollo; CEO and Director Sanjay Patel, who is Chairman International and Senior Partner of Private Equity at Apollo; and CFO and CAO James Crossen, who serves as the CFO for Private Equity and Real Assets at Apollo. While it has not selected a target industry or geography, the company plans to leverage its management team's experience and the broader Apollo platform to target growth-oriented businesses.
Apollo's previous SPACs include Spartan Energy Acquisition, which went public in August 2018 and recently completed its combination with electric car maker Fisker (FSR; +49% from $10 offer price) in late October, and Apollo Strategic Growth Capital (APSG.U; +17%), which raised $750 million in October 2020.
Apollo Strategic Growth Capital II was founded in 2008 and plans to list on the NYSE under the symbol APGB.U. Deutsche Bank, Barclays, Credit Suisse, Apollo Global Securities and RBC Capital Markets are the joint bookrunners on the deal.
