Apollo Strategic Growth Capital III, the third blank check company formed by Apollo targeting growth businesses, withdrew its plans for an initial public offering on Thursday. It originally filed in March 2021 and most recently planned to raise $350 million by offering 35 million units at $10, with each unit containing one share of common stock and one-third of a warrant.
Apollo Strategic Growth Capital III was set to be 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. The company planned to target growth-oriented businesses.
Apollo has been behind several other SPACs, including October 2020 IPO Apollo Strategic Growth Capital, which merged with Global Business Travel Group (GBTG; -45% from $10 offer price) in May 2022, and February 2021 IPO Apollo Strategic Growth Capital II (APGB.U; -7%), which is currently looking for a target.
The New York, NY-based company was founded in 2020 and planned to list on the NYSE under the symbol APGC.U. Credit Suisse, Apollo Global Securities, BofA Securities, Goldman Sachs, and RBC Capital Markets were set to be the joint bookrunners on the deal.
