Delphi Growth Capital, a blank check company formed by alternative investment management firm Apollo Global Management, filed with the SEC to raise up to $300 million in an initial public offering (IPO), according to Renaissance Capital.
The company plans to raise the $300 million by offering 30 million shares at $10, with each unit worth one common stock and one-third of a warrant, exercisable at $11.50. Delphi Growth Capital would reach a market value of $375 million at the proposed deal size.
Led by Chairman John Zito, Delphi Growth Capital is a blank check company formed in 2020 by Apollo Global to target real estate in North America. Delphi plans to list on the New York Stock Exchange (NYSE) under the symbol DGC.U, based on its confidential filing on July 6, 2021.
Apollo had $455.5 billion of assets under management as of December 31, 2020, including $328.6 billion invested in credit, $80.7 billion invested in private equity and $46.2 billion invested in real estate and infrastructure.
The company says it plans to leverage management’s experience and target real estate, the intersection of real estate and technology (PropTech), real estate services and related sectors in North America.
Citi and Apollo Global Securities participated as joint bookrunners on the deal, according to the release.
Apollo has already been involved in several SPACs, including:
- Acropolis Infrastructure Acquisition (ACRO.U) which went public in July.
- Spartan Acquisition III (SPAQ) which has a pending merger agreement with European EV charging company Allego.
- Spartan Acquisition II, which combined with US residential solar financing platform Sunlight Financial in July.
- Spartan Energy Acquisition, which combined with EV auto developer Fisker in October 2020.
In other recent fintech news, UK-based BNPL PollenPay confirmed plans to launch, saying its product improves client cash flow and financial responsibility. Ant Money also completed a $20 million fundraise and acquisition of co-founder Walter Cruttenden’s Blast, to further its micro-investing offerings.