Go files for USD 500mn IPO

Special purpose acquisition company (SPAC) Go has filed for an initial public offering (IPO) that Zephyr, the M&A database published by Bureau van Dijk, shows would be the 27th largest announced so far this year.

The cash shell intends to raise USD 500.00 million through the sale of 50.00 million units at USD 10.00 apiece on the New York Stock Exchange.

However, this final amount could increase by an additional USD 75.00 million should the underwriter – Credit Suise – exercise the overallotment option for a further the 7.50 million securities.

The sponsor has agreed to buy 8.00 million warrants at USD 11.50 apiece in a concurrent private placement.

Go was founded by, and is co-led by, Noam Gottesman, who established the single-family office TOMS Capital and GLG Partners, not to mention two other London-listed SPACs.

He set up Nomad Holdings in 2014, which acquired Europe-based Iglo and Findus in 2015, and is now known as Nomad Foods.

Gottesman established Landscape Acquisition Holdings in 2017, which bought AP Wireless in 2020 and changed its name to Digital Landscape Group.

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Go’s other founder and co-chief executive, Gregory O’Hara, also set up Tripadvisor’s controlling shareholder, Certares Management.

The SPAC will work on identifying a prospective target business with either all or a substantial portion of its activities in North America or Europe.

It expects to focus on travel-related and travel-adjacent businesses that have attractive growth-oriented characteristics and strong underlying demand drivers, which include services and travel infrastructure such as visa processing, settlement systems and payments platforms.

According to the prospectus, the total global travel spending has increased substantially, from USD 3,700 billion in 2009 to USD 5,700 trillion in 2018.

In 2018, journeying and tourism represented 10.4 per cent of worldwide gross domestic product and was expected to continue growing.

However, the COVID-19 pandemic has temporarily stunted the sector’s and has adversely affected the ability of companies and business divisions to access capital through traditional IPOs or spin-offs.

Go believes “there are many potential targets within the space that are both attractive acquisition opportunities and positioned to deliver substantial value to stockholders in the public markets”.

© Zephus Ltd

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