Dragoneer Growth Opportunities III, the third blank check company formed by Dragoneer Investment Group, filed on Tuesday with the SEC to raise up to $400 million in an initial public offering.
The San Francisco, CA-based company plans to raise $400 million by offering 40 million shares at $10. The company is not offering units with warrants attached. It may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with Dragoneer. At the proposed deal size, Dragoneer Growth Opportunities III would command a market value of $500 million.
The company is led by Chairman Marc Stad, the founder, CEO, CIO, and Managing Partner of Dragoneer Investment Group, and CEO Christian Jensen, a Partner at Dragoneer. The company plans to target the software, internet, media, consumer/retail, healthcare IT, and financial services/fintech sectors.
Management's previous SPACs include Dragoneer Growth Opportunities II (DGNS; +12% from $10 offer price), which went public in November 2020, and Dragoneer Growth Opportunities (DGNR; +8%), which went public in August 2020 and has a pending merger agreement with insurance SaaS platform CCC Information Services.
Dragoneer Growth Opportunities III was founded in 2020 and plans to list on the Nasdaq under the symbol DGNU. The company filed confidentially on October 13, 2020. Citi, Goldman Sachs, and J.P. Morgan are the joint bookrunners on the deal.
