Frontier Investment, a blank check company formed by FIM Partners targeting "new economy" sectors, lowered the proposed deal size for its upcoming IPO on Friday.
The Wilmington, DE-based company now plans to raise $200 million by offering 20 million units at $10 per unit. The company had previously filed to offer 25 million units at the same price. Each unit contains one share of common stock and one-third of a warrant, exercisable at $11.50. At the revised deal size, Frontier Investment will raise 20% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Asar Mashkoor, who recently joined FIM Partners and currently serves as Managing Director of Private Investments, primarily to lead the firm's SPAC initiative. FIM Partners founder and CIO Hedi Ben Mlouka serves as an Investment Principal. The company plans to target the technology, digital media, e-commerce, financial technology, or digital services sectors ("new economy sectors") across Middle East North Africa & Turkey, Sub-Saharan Africa, South Asia, and Southeast Asia.
Frontier Investment was founded in 2021 and plans to list on the Nasdaq under the symbol FICVU. J.P. Morgan is the sole bookrunner on the deal
