TLGY Acquisition, a blank check company formed by TLGY Holdings targeting the biopharma and tech-enabled B2C industries, filed on Thursday with the SEC to raise up to $175 million in an initial public offering.
The Wilmington, DE-based company plans to raise $175 million by offering 17.5 million units at $10. Each unit consists of one share of common stock, one-half of a warrant, exercisable at $11.50, and a contingent right to receive at least one-fourth of a warrant following the initial business combination redemption time. At the proposed deal size, TLGY Acquisition would command a market value of $219 million.
The company is led by CEO and Chairman Jin-Goon Kim, the founder of private investment firm TLGY Holdings and a former Partner with TPG Capital. The company plans to target industries where it believes management's expertise will provide a competitive advantage, including biopharma or technology-enabled business-to-consumer (B2C) industries globally.
TLGY Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol TLGY.U. The company filed confidentially on September 3, 2021. Mizuho Securities is the sole bookrunner on the deal.
