Blue Ocean Acquisition, a blank check company targeting high-growth internet and media sectors, filed on Tuesday with the SEC to raise up to $150 million in an initial public offering.
The Chevy Chase, MD-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Blue Ocean Acquisition would command a market value of $188 million.
The company is led by Chairman Marcus Brauchli, co-founder and Managing Partner of North Base Media and former VP of Graham Holdings Company (NYSE: GHCO) and predecessor The Washington Post, and CEO and Director Paul Bascobert, the former CEO of Gannett (NYSE: GCI) and President of XO Group.
Blue Ocean Acquisition plans to target the high-growth internet, media, and adjacent industry segments, including online marketplaces, content and subscription management, education and training, advertising technology and direct-to-consumer businesses, focusing on those with initial enterprise values between $750 million and $2.0 billion and placing a particular emphasis on large-population, high-growth emerging regions in Asia and Latin America, as well as in North America, including the US.
Blue Ocean Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol BOCNU. The company filed confidentially on July 23, 2021. Needham & Co. is the sole bookrunner on the deal.
