New renewables SPAC prices USD-150m IPO in New York

A new special purpose acquisition company (SPAC) with an affinity for decarbonisation and renewable energy will be looking to raise about USD 150 million (EUR 133.2m) in an initial public offering (IPO) on the New York Stock Exchange (NYSE).

AP Acquisition Corp, sponsored by an affiliate of Asian private equity firm Advantage Partners Inc, was created with the purpose of pursuing a business combination in the aforementioned fields with a particular focus in Japan and Asia, excluding Mainland China, Hong Kong and Macau, and in Europe.

The company has priced its offering of 15 million units at USD 10.00 apiece. Each unit consists of one Class A ordinary share of the company and one-half of one redeemable warrant. Every whole warrant entitles the holder thereof to buy one Class A ordinary share at USD 11.50 apiece.

Starting this Friday, the units are listed on NYSE and trade under the ticker symbol "APCA-U". Once the securities comprising the units initiate separate trading, the Class A ordinary shares and warrants will adopt the symbols "APCA" and "APCA-W," respectively.

The offering is expected to close on December 22, 2021. Credit Suisse Securities (USA) LLC is acting as book-running manager. The underwriter has a 45-day option to buy up to an additional 2.25 million units at the IPO price to cover any over-allotments.

(USD 1.0 = EUR 0.888)

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