Acropolis Infrastructure Acquisition, a blank check company formed by Apollo targeting infrastructure and infrastructure services in North America, filed on Wednesday with the SEC to raise up to $400 million in an initial public offering.
The New York, NY-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Acropolis Infrastructure Acquisition would command a market value of $500 million.
The company is led by CEO and Director Geoffrey Strong, a Senior Partner and Co-Lead of the Global Infrastructure and Natural Resources groups at Apollo, and Chairman Dylan Foo, a Senior Partner and Co-Lead of the Global Infrastructure platform at Apollo. The company plans to target the infrastructure, infrastructure services, and related sectors in North America.
Other SPACs affiliated with Apollo include Apollo Strategic Growth Capital (APSG.U; +6% from $10 offer price) and Apollo Strategic Growth Capital II (APGB.U; +2%), which went public in October 2020 and February 2021, respectively; Spartan Acquisition III (SPAQ.U; +2%), which went public in February; Spartan Acquisition II (SPRQ; +5%), which went public in November 2020 and has a pending merger agreement with solar energy finance company Sunlight Financial; and Spartan Acquisition, which went public in August 2018 and completed its acquisition of Fisker (FSR; +116%) in October 2020.
Acropolis Infrastructure Acquisition was founded in 2020 and plans to list on the NYSE under the symbol ACRO.U. The company filed confidentially on February 26, 2021. Credit Suisse, Apollo Global Securities, Citi, Barclays and Evercore ISI are the joint bookrunners on the deal.
