Catcha Group’s blank cheque firm, Catcha Investment Corp, has announced the pricing of its $275 million IPO which will publicly list on the New York Stock Exchange (NYSE) today.
According to a statement, Catcha Investment Corp’s initial public offering will price 27,500,000 units at a price of $10 per unit. The units will trade under the ticker symbol CHAA.U beginning 12 February 2021 on NYSE. JP Morgan is the sole book-running manager for this IPO.
Catcha added that the final size offering may hit above $300 million, if an over-allotment option allowing the purchase of up to an extra 4,125,000 units is exercised. It added that the offer was more than 10 times oversubscribed, generating a demand of over $2.5 billion.
The offering is expected to close on 17 February 2021, subject to closing conditions.
“We were overwhelmed by the incredible support for our differentiated approach in finding a great partner in this exciting region,” said Patrick Grove, founder of Catcha Group and chairman and CEO of the SPAC.
Catcha Group is positioning itself as the only Southeast Asia-focused SPAC to be led by seasoned entrepreneurs like Patrick Grove and Luke Elliott, who have collectively made over 50 internet investments such as iProperty Group, iCar Asia, Frontier Digital Ventures.
The SPAC will target Southeast Asian and Australian companies with business combinations in technology, digital media, financial technology or digital services or new economy sectors. Catcha added that it is also the only recently launched SPAC to be targeting the Australian region.
“Rather than financiers or investors, we consider ourselves entrepreneurs first. Having founded and taken multiple businesses public over the last two decades, we can empathise intimately with the experience and concerns of other entrepreneurs, especially those around the process of taking a company public,” added Grove.
Catcha Investment Corp will be led by Grove and Elliott as Chairman and CEO and President and Director respectively, together with Kit Wong, a former Goldman Sachs Asia TMT investment banker who serves as CFO.
The SPAC’s advisory board also includes a list of leading venture capitalists from the region including David Gowdey, managing partner at Jungle Ventures; Helen Wong, partner at Qiming Venture Partners; Khailee Ng, managing partner at 500 Startups; MX Kuok, founder and managing partner at K3 Ventures; and Thomas Tsao, founder and managing partner at Gobi Partners.
Its independent directors include James Graf, who has sponsored or served as a director on five SPACs, including Graf Industrial Corp, which completed its business combination with Velodyne Lidar Inc. in September 2020; and Rick Hess, who is founder and managing partner of Cobalt Capital.