backed SPAC looks to raise $300 mln in IPO

Ark Solutions

27/01/2021 22:46

Jan 27 (Reuters) - A blank-check firm backed by
private-equity firm The Gores Group is aiming to raise about
$300 million in its initial public offering, a regulatory filing
showed on Wednesday.
    Gores Holdings VIII Inc, the eighth special purpose
acquisition company (SPAC) launched by The Gores Group as part
of this series, said it would sell 30 million units, comprising
shares and warrants, priced at $10 apiece in the IPO.
    A SPAC is a shell company that raises money in an IPO to
merge with a privately held company, turning it into a publicly
traded firm.
    SPACs have emerged as a popular IPO alternative for
companies, providing a path to going public with less regulatory
scrutiny and more certainty over the valuation that will be
attained and funds that will be raised.
    United Wholesale Mortgage last year agreed to go public by
merging with another Gores Group-backed SPAC, valuing the
wholesale mortgage lender at $16.1 billion.
    Gores Holdings VIII will list its units on the Nasdaq under
the symbol "GIIXU".  
    Deutsche Bank Securities is the sole underwriter for the
offering. 

 (Reporting by Noor Zainab Hussain in Bengaluru;
Editing by Vinay Dwivedi)
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