SK Growth Opportunities, a blank check company backed by Korean conglomerate SK targeting ESG, filed on Monday with the SEC to raise up to $200 million in an initial public offering.
The company plans to raise $200 million by offering 20 million units at $10. Each unit contains one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, SK Growth Opportunities would command a market value of $250 million.
SK Growth Opportunities is led by CEO and Director Richard Chin, former President at SK hynix (KRX: 000660) and Head of SK affiliate Global Development Group (GDG), and CFO and Director Derek Jensen, former VP of Corporate Development of GDG. The company seeks to leverage management's experience and target opportunities that are involved in developing technologies and products that address ESG-related issues or are operated in a fashion that is consistent with ESG principles.
The New York, NY-based company was founded in 2021 and plans to list on the Nasdaq under the symbol SKGRU. SK Growth Opportunities filed confidentially on February 25, 2022. Deutsche Bank is the sole bookrunner on the deal.
