TCW Special Purpose Acquisition, a blank check company formed by TCW Group targeting the tech, healthcare, industrial, or consumer sectors, filed on Friday with the SEC to raise up to $400 million in an initial public offering.
The Los Angeles, CA-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, TCW Special Purpose Acquisition would command a market value of $500 million.
The company is led by CEO and Chairman Joseph Shaposhnik, who joined TCW Group in 2011 and established its New America business unit in 2015. Shaposhnik currently serves as Managing Director and Portfolio Manager of TCW New America Premier Equities, Global Premier ESG Equities, and Global Space Technology Equities portfolios. The company plans to target the technology, healthcare, industrial or consumer sectors, focusing on targets that have a business model consistent with New America's investment philosophies.
TCW Special Purpose Acquisition was founded in 2020 and plans to list on the NYSE under the symbol NAPA.U. The company filed confidentially on January 6, 2021. Citi and Barclays are the joint bookrunners on the deal.
