SEP Growth Holdings, a blank check company formed by Sumeru Equity Partners targeting the enterprise technology sector, filed on Friday with the SEC to raise up to $250 million in an initial public offering.
The San Mateo, CA-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-fourth of a warrant, exercisable at $11.50. The company may raise an additional $75 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor. At the proposed deal size, SEP Growth Holdings would command a market value of $313 million.
The company is led by CEO and Director George Kadifa, a Managing Director of tech-focused private equity firm Sumeru Equity Partners and former EVP of HP, and Chairman Kyle Ryland, the Managing Partner of Sumeru Equity Partners. The company plans to target high-quality growth businesses in the enterprise technology sector, with a focus on SaaS, data and analytics, cybersecurity, and other enterprise technology.
SEP Growth Holdings was founded in 2021 and plans to list on the Nasdaq under the symbol SEPGU. Citi and J.P. Morgan are the joint bookrunners on the deal.
