Swiftmerge Acquisition, a blank check company formed by IVEST Consumer Partners targeting disruptive consumer businesses, lowered the proposed deal size for its upcoming IPO on Monday.
The West Vancouver, Canada-based company now plans to raise $200 million by offering 20 million units at $10. The company had previously filed to offer 25 million units at the same price. Each unit now consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Each unit previously contained one-third of a warrant. At the revised deal size, Swiftmerge Acquisition will raise -20% less in proceeds than previously anticipated.
The company is led by Chairman George Jones and CEO and Director John Bremner, who are co-founders of consumer-focused private equity group IVEST Consumer Partners. The company plans to target the consumer industry but primarily "Innovative Consumer," or disruptive consumer companies utilizing technology and the internet to evolve the way that consumers interact with the market.
Swiftmerge Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol IVCPU. BofA Securities is the sole bookrunner on the deal.
