Crescera Capital Acquisition, a blank check company formed by Crescera Capital targeting businesses in Latin America, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Rio de Janeiro, Brazil-based company now plans to raise $175 million by offering 17.5 million units at $10 per unit, with each unit containing one share of common stock and one-half of a warrant, exercisable at $11.50. The company had previously filed to offer 20 million units at the same price. At the revised deal size, Crescera Capital Acquisition will raise 13% less in proceeds than previously anticipated.
Crescera Capital Acquisition is led by CEO Felipe Argalji and Chairman Jaime Danvila, who are both Partners at independent asset management firm Crescera Capital. The company plans to target businesses with operations in Latin America, preferably Brazil, in either the technology, healthcare, education, or consumer sector. Crescera Capital has made several investments since its inception, including 2019 US IPO Afya (AFYA).
Crescera Capital Acquisition was founded in 2021 and plans to list on the Nasdaq, but has not yet selected a symbol (RC ticker: CRCAU.RC). UBS Investment Bank is the sole bookrunner on the deal.
