Corsair Partnering Corp, a blank check company formed by Corsair Capital targeting the financial and business services sectors, filed on Monday with the SEC to raise up to $350 million in an initial public offering.
The New York, NY-based company plans to raise $350 million by offering 35 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. The company may raise an additional $100 million at the closing of an acquisition pursuant to a forward purchase agreement with Corsair Capital. At the proposed deal size, Corsair Partnering Corp would command a market value of $370 million.
The company is led by CEO and Director Ignacio Jayanti, who currently serves as Managing Partner and Chairman of the Buy-outs Investment Committee at Corsair Capital, and President and Director Jeremy Schein, who is a Partner at Corsair Capital. The company plans to target the financial and business services sectors.
Corsair Partnering Corp is not using a traditional founder share structure, but instead is using performance-based founder shares. Its board of directors may make a one-time election after the offering and prior to completion of an acquisition which would convert the number of founder shares outstanding to 20% of the then outstanding ordinary shares on an as-converted basis.
Corsair Partnering Corp was founded in 2020 and plans to list on the NYSE under the symbol CORS.U. The company filed confidentially on February 1, 2021. Evercore ISI is the sole bookrunner on the deal.
