Special purpose acquisition company (SPAC) Healthcare Services Acquisition has filed for an initial public offering (IPO) on Nasdaq to raise up to USD 300.00 million in proceeds.
The group is offering 30.00 million units at USD 10.00 apiece, consisting of one share of class A common stock and one half of a redeemable warrant, exercisable at USD 11.50 each.
These warrants will become exchangeable 30 days after completion of the initial business combination or 12 months from the closing of IPO and will expire five years after the completion of the initial business combination.
BofA Securities and Stifel have been hired as joint bookrunning managers for the stock market flotation and have been granted a 45-day option to pick up an additional 4.50 million units to cover overallotments.
Sponsor Healthcare Services Acquisition Holdings and certain funds and accounts managed by BlackRock have agreed to purchase an additional 8.00 million warrants at USD 1.00 apiece in a private placement to close concurrently with the listing.
The company is a newly formed blank check company focusing on healthcare services and related industries in the US.
Healthcare Services Acquisition is yet to identify a specific target.
According to the prospectus, the healthcare services industry represents a massive market opportunity, with US healthcare expenditure reaching USD 3,600 billion in 2018.
There have been 276 IPOs by funds, trusts and other financial vehicles announced worldwide in 2020 to date, according to Zephyr, the M&A database published by Bureau van Dijk.
In the largest of these, Pershing Square Tontine Holdings raised USD 4.00 billion in proceeds on the New York Stock Exchange.
Churchill Capital Corporation IV, Foley Trasimene Acquisition Corporation II, Foley Trasimene Acquisition and CONX, among others, have also announced plans to go public this year.
© Zephus Ltd