InterPrivate IV InfraTech Partners, the fourth blank check company backed by InterPrivate targeting technology, media, and telecom, filed on Wednesday 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 will consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, InterPrivate IV InfraTech Partners will command a market value of $313 million.
The company is led by Chairman Ahmed Fattouh, who founded private equity firm InterPrivate and has served as CEO since its 2017 inception. He is joined by CEO and Director Kevin Timmons, who recently joined InterPrivate as a Partner and previously served as CTO of CyrusOne. InterPrivate's other SPACs include InterPrivate III Financial Partners (IPVF.U) and InterPrivate II Acquisition (IPVA.U), which both filed concurrently with InterPrivate IV InfraTech Partners, and InterPrivate Acquisition (IPV; +71% from $10 offer price), which raised $210 million in February 2020 and is pending a combination with lidar firm Aeva.
InterPrivate IV InfraTech Partners intends to concentrate on identifying high growth businesses in the technology, media and telecom (TMT) infrastructure space that can benefit from the investment capability and industry expertise of the management team. Other factors include focusing on target companies with an enterprise value of $1 billion or more.
InterPrivate IV InfraTech Partners was founded in 2020 and plans to list on the Nasdaq under the symbol IPVIU. It filed confidentially on January 26, 2021. Morgan Stanley and Wells Fargo Securities are the joint bookrunners on the deal.
