Patrick Grove’s Catcha announces pricing of its $275m US IPO

Catcha Investment Corp, a special purpose acquisition company (SPAC) of Catcha Group, has announced the pricing of its U$275 million initial public offering (IPO), which was listed today on the New York Stock Exchange.

Patrick Grove, co-founder of Catcha Group / Photo credit: Patrick Grove

The Malaysia-based investment firm, which is run by serial entrepreneur Patrick Grove, has priced 27.5 million units of its stock at US$10 per unit. Catcha Group will trade under the ticker symbol “CHAA.U.”

J.P. Morgan Securities is serving as the sole book-running manager for this offering.

Catcha Group is an internet group which builds and invests in disruptive internet companies – from online classifieds, new media, and over-the-top platforms. The company said it has taken five companies from the startup to IPO stage and has created over US$2 billion in value.

The offering is expected to close on February 17.

With the blank-check firm, Catcha aims to look for opportunities in the technology, digital media, financial technology, or digital services sectors across Asia Pacific, with an emphasis on Southeast Asia and Australia.

See also: Beyond FOMO: Why Grab should race to an IPO fast

The company has also granted the SPAC a 45-day option to purchase up to an additional 4.1 million units at the IPO price to cover over-allotments. If this happens, Catcha Group expects the final IPO size to rise above US$300 million.