Renewable energy-focused SPAC AP Acquisition prices $150m IPO in New York

Source: Anastasiya Romanova/Unsplash

AP Acquisition Corp, a SPAC with a focus on decarbonisation and the renewable energy sector, is looking to raise about $150 million in an initial public offering (IPO) on the New York Stock Exchange (NYSE), the company said in a statement.

SPACs are blank cheque companies that raise capital solely to acquire private entities with the aim of eventually taking them public.

The Hong Kong-based company priced its 15 million units at $10 apiece. Each unit consists of one share of common stock and one-half of a warrant and only whole warrants are exercisable at $11.50 per share.

The units were listed on the NYSE last Friday. Meanwhile, the offering is expected to close on Dec. 22, 2021.

Credit Suisse Securities is acting as the book-running manager of the offering.

AP Acquisition, focused on Asia (excluding Mainland China, Hong Kong, and Macau) and European markets, is sponsored by AP Sponsor LLP, an affiliate of Japan’s first private equity firm Advantage Partners Inc. The company’s management team includes chairman and director Richard Folsom as well as chief executive officer and director Keiichi Suzuki.

Suzuki, who joined Advantage Partners after serving for 29 years in Mitsubishi Corporation, was named partner and head of renewables and sustainability earlier this year. Suzuki was tasked to lead the newly established strategy platform at AP to pursue investment opportunities in sustainability, renewable energy and carbon reduction.

IPO of US SPACs hit a record high in the first three months of 2021 before starting to slow down as stakeholders grew warier of its potential risks. Still, many Asian companies are willing to take the route to tap the US market.

In another SPAC listing from the renewable energy space, ReNew Energy, the UK-based holding company for India’s renewable energy firm ReNew Power, listed on the Nasdaq in late August, hitting market capitalisation of nearly $4.5 billion.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.