AP Acquisition, a blank check company targeting the decarbonization and renewable energy sectors, filed on Wednesday with the SEC to raise up to $150 million in an initial public offering.
The Hong Kong-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. Sponsor affiliate Tokyo Century intends to purchase up to $20 million worth of units in the offering (13% of the deal). At the proposed deal size, AP acquisition would command a market value of $188 million.
The company is led by Chairman Richard Folsom, co-founder and Representative Partner of Asian private equity firm Advantage Partners, and CEO and Director Keiichi Suzuki, Partner and Head of Renewables & Sustainability at Advantage Partners. The company seeks to leverage its experience in clean energy investing and operational improvement and management to target the decarbonization and renewable energy sectors, with a particular focus in Japan and Asia (excluding China), as well as European markets.
AP Acquisition was founded in 2021 and plans to list on the NYSE under the symbol APCAU. The company filed confidentially on June 11, 2021. Credit Suisse is the sole bookrunner on the deal.
