SEP Growth Holdings, a blank check company formed by Sumeru Equity Partners targeting the enterprise technology sector, withdrew its plans for an initial public offering on Wednesday. It had filed to raise $250 million by offering 25 million units at $10, with each unit containing one share of common stock and one-fourth of a warrant, exercisable at $11.50.
The company was set to be led by CEO and Director George Kadifa, a Managing Director of tech-focused private equity firm Sumeru Equity Partners and former EVP of HP, and Chairman Kyle Ryland, the Managing Partner of Sumeru Equity Partners. The company plans to target high-quality growth businesses in the enterprise technology sector, with a focus on SaaS, data and analytics, cybersecurity, and other enterprise technology.
The San Mateo, CA-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol SEPGU. Citi and J.P. Morgan were set to be the joint bookrunners on the deal.
