Lerer Hippeau Acquisition, a blank check company formed by Lerer Hippeau targeting tech-enabled businesses, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The New York, NY-based company plans to raise $200 million by offering 20 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, Lerer Hippeau Acquisition would command a market value of $250 million.
The company is led by Chairman Kenneth Lerer, CEO and Director Eric Hippeau, and President and Director Ben Lerer, all of whom are co-founders and Managing Partners of New York-based venture firm Lerer Hippeau. Kenneth Lerer is also a co-founder of The Huffington Post, where Eric Hippeau previously served as CEO. Ben Lerer is currently the CEO of Group Nine Media and its related SPAC, Group Nine Acquisition (GNACU; +6% from $10 offer price).
Lerer Hippeau Acquisition plans to target technology-enabled businesses, focusing on areas such as digitization of health and wellness, direct-to-consumer, modern commerce and logistics, enterprise productivity tooling, and industrial automation.
Lerer Hippeau Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol LHAAU. The company filed confidentially on February 2, 2021. Barclays and CODE Advisors are the joint bookrunners on the deal.
