Bilander Acquisition, the fifth blank check company formed by True Wind Capital targeting the tech sector, filed on Tuesday with the SEC to raise up to $150 million in an initial public offering.
The San Francisco, CA-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-sixth of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to forward purchase agreements with several institutional accredited investors. At the proposed deal size, Bilander Acquisition would command a market value of $188 million.
The company is led by CEO and Chairman James Greene Jr., who is a founding partner and member of the investment committee at True Wind Capital. The company plans to target private, high-growth, and high-quality technology businesses, specifically those with overall transaction values between $750 million and $2.5 billion.
True Wind Capital's other SPACs include Galliot Acquisition (TWCGU), which filed concurrently with Bilander Acquisition; Nebula Caravel Acquisition (NEBC; +3% from $10 offer price), which went public in December 2020 and recently announced a merger agreement with dog walking platform Rover; TWC Tech Holdings II (TWCTU; +13%), which went public in September 2020; and Nebula Acquisition, which successfully completed its combination with Open Lending (LPRO; +279%) in June.
Bilander Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol TWCBU. Morgan Stanley, Deutsche Bank and Evercore ISI are the joint bookrunners on the deal.
