Facebook co-founder’s firm looks to raise $300m in US IPO via SPAC

B Capital Technology Opportunities, a blank-check company formed by investment firm B Capital Group, has filed for an IPO to raise US$300 million on the Nasdaq, according to a filing with the US Securities and Exchange Commission (SEC).

It plans to offer 30 million units at US$10 apiece.

Photo credit: B Capital Group

Based in New York, the special purpose acquisition company (SPAC) will focus on the acquisition or a target combination of tech businesses that are transforming large traditional industries in four industry verticals: consumer enablement, financial services, health and wellness, and industrial and transportation. In particular, it’s focused on cross-border businesses, said the firm in the filing.

Eduardo Saverin will serve as the special advisor at the SPAC. He is the co-founder and co-managing general partner of B Capital Group, as well as the co-founder of Facebook.

B Capital Group co-founder and chairman Howard Morgan, former Bain Capital exec Raj Ganguly, former Eight Roads Ventures partner Kabir Narang, ex-Hillhouse Capital managing director Angela C. Huang, and Nasdaq’s former vice chairman Bruce Aust will lead B Capital Technology Opportunities.

B Capital Group invests in technology-driven businesses, from early-stage startups to transformational late-stage companies. With over 66 portfolio companies, it manages around US$1.6 billion in capital.

The development comes after Patrick Grove’s Catcha Group announced the pricing of its US$275 million IPO on the New York Stock Exchange via a blank-check company.