Healthwell Acquisition I, a blank check company targeting technology-enabled healthcare businesses, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.
The Winnetka, IL-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-sixth of a warrant, exercisable at $11.50. Certain anchor investors have indicated on 9.9% of units in the offering. The company may raise an additional $40 million at the closing of an acquisition pursuant to a forward purchase agreement with sponsor member Peterson Partners. At the proposed deal size, Healthwell Acquisition I would command a market value of $313 million.
The company is led by CEO and Director Alyssa Rapp, who is the CEO of Surgical Solutions and Managing Partner of AJR Ventures; Co-Chairman Curtis Feeny, who is a Senior Advisor to Peterson Partners; and Co-Chairman George Hornig, who is the Managing Member of George Horning LLC. The company plans to target technology-enabled businesses across the entire healthcare industry, focusing on those with enterprise values between $500 million and $1 billion.
Healthwell Acquisition I was founded in 2021 and plans to list on the Nasdaq under the symbol HWELU. Jefferies is the sole bookrunner on the deal.
