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    Home»IPO»Rocket Internet Co-Founder Files for $250 Million Tech SPAC
    IPO

    Rocket Internet Co-Founder Files for $250 Million Tech SPAC

    February 13, 20211 Min Read
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    The management of German startup incubator Rocket Internet SE are creating a special-purpose acquisition vehicle that will look for a technology deal outside of the U.S.

    Rocket’s Chief Executive Officer and co-founder Oliver Samwer, board member Soheil Mirpour, and Donald Stalter, who managed North American investments for private equity firm GFC Global Founders Capital GmbH, will run the blank-check company, which will sell shares on the New York Stock Exchange, the group said in a regulatory filing on Tuesday.

    Rocket is joining a boom in SPAC filings that investors are using to take advantage of soaring valuations, particularly for technology shares. These vehicles use funds raised from their initial public offerings to buy a private company, which then takes over the stock market listing.

    The Rocket Internet Growth vehicle will sell 25 million units at $10 each. The units will consist of a share in the blank-check company and one quarter of a warrant that can be redeemed for a share at $11.50, the company said. Citigroup Inc. is the sole bookrunner.

     

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    Source: BNN Bloomberg

    By Amy Thomson

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    Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.

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