Delphi Growth Capital, a blank check company formed by Apollo Global targeting real estate in North America, filed on Thursday with the SEC to raise up to $300 million in an initial public offering.
The company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Delphi Growth Capital would command a market value of $375 million.
Delphi Growth Capital is led by Chairman John Zito, a Senior Partner, the Deputy CIO of Credit, and the Co-Head of Apollo's Global Corporate Credit business; CEO and Director Philip Mintz, a Senior Partner at Apollo where he leads its real estate investing effort in the US and Asia; and CFO and CAO James Crossen, the CFO for Private Equity and Real Assets at Apollo.
The company plans to leverage management's experience and target real estate, the intersection of real estate and technology ("PropTech"), real estate services, and related sectors in North America.
Apollo has been involved in several SPACs, including Acropolis Infrastructure Acquisition (ACRO.U), which went public this past July; Spartan Acquisition III (SPAQ), which has a pending merger agreement with European EV charging company Allego; Spartan Acquisition II, which combined with US residential solar financing platform Sunlight Financial (SUNL; -62%) in July 2021; and Spartan Energy Acquisition, which combined with EV auto developer Fisker (FSR; +71%) in October 2020.
The New York, NY-based company was founded in 2020 and plans to list on the NYSE under the symbol DGC.U. Delphi Growth Capital filed confidentially on July 6, 2021. Citi and Apollo Global Securities are the joint bookrunners on the deal.
