S Korea’s ACE Equity Partners plans $200m US IPO for blank check vehicle

South Korean private equity firm ACE Equity Partners has filed for a $200-million Nasdaq IPO of ACE Convergence Acquisition, a special purpose acquisition company (SPAC) targeting the IT infrastructure software and semiconductor sector.

The newly incorporated blank check company will offer 20 million securities at $10 apiece. Each unit consists of one share of common stock and one-half of a warrant. The proceeds will reach $230 million if the underwriters’ over-allotment option is exercised in full, the company said in its listing prospectus.

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