Apollo Strategic Growth Capital III, the third blank check company formed by Apollo targeting growth businesses, lowered the proposed deal size for its upcoming IPO on Wednesday.
The New York, NY-based company now plans to raise $350 million by offering 35 million units at a price of $10. The company had previously filed to offer 40 million units at the same price. Each unit now consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Each unit previously contained one-fourth of a warrant. At the revised deal size, Apollo Strategic Growth Capital III will raise 13% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Sanjay Patel, who is Chairman International and Senior Partner of Private Equity at Apollo, and CFO and CAO James Crossen, who serves as the CFO for Private Equity and Real Assets at Apollo. While it has not selected a target industry or geography, the company plans to leverage its management team's experience and the broader Apollo platform to target growth-oriented businesses.
Apollo Strategic Growth Capital III was founded in 2020 and plans to list on the NYSE under the symbol APGC.U. Credit Suisse, Apollo Global Securities, BofA Securities, Goldman Sachs, and RBC Capital Markets are the joint bookrunners on the deal.
