Igniting Consumer Growth Acquisition, a blank check company targeting growth-oriented consumer businesses, filed on Monday with the SEC to raise up to $200 million in an initial public offering.
The Cherry Hills Village, CO-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. An anchor investor intends to purchase $20 million worth of units in the offering (10% of the deal), and the company may raise an additional $50 million (shares only) at the closing of an acquisition pursuant to a forward purchase agreement. At the proposed deal size, Igniting Consumer Growth Acquisition would command a market value of $250 million.
The company is led by Chairman and CEO Krishnan Anand, former Chief Growth Officer at Molson Coors (NYSE: TAP), and CFO Louis Jordan, former Global Head of FP&A for The Gap (NYSE: GPS). The company plans to target brands across packaged food, beverage, beauty and personal care, consumer durables, vitamins, minerals and supplements, consumer services, consumer e-commerce, pet care, and fitness/wellness.
Igniting Consumer Growth Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol ICGCU. RBC Capital Markets and Nomura Securities are the joint bookrunners on the deal.
