The Franco-Ivorian financier’s new investment company raised $ 300 million when it was first listed on the New York Stock Exchange.
The curriculum vitae of the former CEO of Credit Suisse will have convinced investors. At the end of last week, the IPO of the “specific purpose acquisition company” (SPAC, in English initials) launched by Tidjane Thiam and his partners, Adam Gishen and Abhishek Bhatia, was successful.
The operation, revised upwards from its initial target of $ 250 million, due to strong demand, was finally carried out at a price of $ 10 for 30 million units, according to the financial communication of the company at the end of the “pricing”.
The shares of the vehicle, called Freedom Acquisition I Corp, have been traded since February 26 on the New York Stock Exchange under the symbol “FACT.U”.
Targeting the financial services sector
The “blank check” company, registered in the Cayman Islands, was incorporated for the purpose of “merging, exchanging shares, acquiring assets, buying shares, reorganization or merger between one or more similar companies ”, according to the prospectus intended for investors and filed in mid-February.
Founded by Tidjane Thiam, Adam Gishen and Abhishek Bhatia, Freedom Acquisition I Corp is backed by a private fund affiliated with Pacific Investment Management Company (Pimco).
The structure plans to target the financial services sector, in particular technology companies with potential for growth and financial stability. Geographically, the compass points to developed markets, such as North America or Europe, and emerging markets, Asia, Latin America and some countries in Africa.
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