proptech acquisition corp ipo

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission on November 21, 2019. PropTech-focused SPAC BOA Acquisition files for a $175 million IPO, Renaissance International ETF (symbol: IPOS), Do Not Sell My Personal Information (CA Residents Only). Gain Insight and actionable information on U.S. IPOs with IPO Edge research. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. Please. Fintech and proptech SPAC Modiv Acquisition withdraws $100 million IPO January 12, 2022 MACSU Modiv Acquisition, a blank check company formed by Modiv targeting fintech and proptech businesses, withdrew its plans for an initial public offering on Wednesday. It was great to catch up with some familiar faces, spending time with our existing founders, as well as meeting some of the new founders weve recently backed in person for the first time. In any event, while management may find an interesting merger target, the chances of success are difficult to determine. The SPAC has 18 months to complete a merger (initial business combination). SPAC investing is subject to potential volatility and risk of loss. Murphy Canyon Acquisition Corp. went public recently, raising $132 million in an IPO. So, in a sense, investing in a SPAC can be likened to investing in a venture capital firm as a limited partner. It was the first software-based Chinese PropTech firm to debut on the Hong Kong Stock Exchange this year. Members of IPO Edge get the latest IPO research, news, and industry analysis. The SPAC seeks to merge with a real estate or Proptech firm in Asia, with primary operations ex-China. The SPAC sponsor also purchased 685,000 units at $10.00 per unit in a private placement. Proptech-focused SPAC Shelter Acquisition files for a $200 million IPO, Renaissance International ETF (symbol: IPOS), Do Not Sell My Personal Information (CA Residents Only). M&A activity has been another hot topic in PropTech this year. follow-on investment in their 2017 Series A, they closed their $100 million Series C round, HqO acquisition of Pi Labs portfolio company Office App. You should perform your own research for your particular financial situation before making any decisions. The units will be listed on the Nasdaq. Apr 2014 - Apr 20162 years 1 month. Last week the Pi Labs team had the privilege of attending the UKs first face-to-face CRETech event since the pandemic. Type a symbol or company name. The SPAC has 15 months to complete a merger (initial business combination). Stay tuned and watch this space! The offering was priced at $10.00 per unit, resulting in gross proceeds of $172,500,000. Market Watch - A Chinese IPO just raised more than $2 billion amid tensions between U.S., China: https://www.marketwatch.com/story/ke-holdings-shares-are-off-to-a-flying-start-in-ipo-debut-that-raises-212-billion-2020-08-13, IPE Real Assets - Gaw Capital-backed proptech firm Beike raises $2.44bn in New York IPO, https://realassets.ipe.com/news/gaw-capital-backed-proptech-firm-beike-raises-244bn-in-new-york-ipo/10047279.article. This type of acquisition (one technology company acquiring another) represents more than half of 2021s acquisitions, but we are also seeing corporates get involved in the action. Cantor Fitzgerald & Co. Inc., acted as sole book-running manager for the offering. Alset Capital Acquisition Corp. (NASDAQ:ACAX) has raised $86.25 million from an IPO at a price of $10.00 per unit, according to the terms of its most recent S-1 regulatory filing. Get them exclusively at IPO Edge. Conditions to the SPAC completing an initial business combination include a requirement to purchase one or more businesses equal to 80% of the net assets of the SPAC and a majority of voting interests voting for the proposed combination. November 26, 2019 16:05 ET We at PropTech Institute believe there is immense potential with the PropTech sector. On November 29, 2022, PTIC completed its business combination withRW National Holdings, LLC(d/b/a Appreciate), a leading end-to-end single family rental (SFR) marketplace and management platform. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). PropTech's units are expected to begin trading, tomorrow, Friday, November 22nd, under the symbol Nasdaq: PTACU. My outlook on MURF is a Hold as I believe investors in SPACs need to be extra-choosy and focus on those SPACs with great management teams and a history of positive returns to investors. The Quogue, NY-based company plans to raise $200 million by offering 20 million units at $10. Get IPO Edge with actionable research on next-generation high growth stocks. MICROSOFT CORPORATION. Copy and paste multiple symbols separated by spaces. AMAZON.COM, INC. APPLE INC. TESLA, INC. META PLATFORMS, INC. NVIDIA CORPORATION. Transaction Overview Capitalworks has Viveon Health Acquisition Corp.(NYSE American: VHAQ)announced that it has signed a letter of intent (LOI) to combine with a platform focusing on cognitive care for the elderly and those withspecial needs. Once the securities comprising the units begin separate trading, shares of the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols PTAC and PTACW, respectively. However, the team does not have prior SPAC experience, so has not demonstrated a track record of attractive returns via a SPAC vehicle. Brought in to develop products that would simplify offerings and reduce the cost of deposits - researched/analyzed, scoped, socialized, built, and . The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Companys registration statement and prospectus for the offering filed with the Securities and Exchange Commission (SEC). Rockend Technology Pty Ltd. completed the . According to a statement released by the two companies in January of this year, the deal has an equity value of $1.56 billion, and Latch has received approximately $453 million in cash proceeds . If it fails to do so, shareholders will be able to redeem their shares/units for the remaining proceeds from the IPO held in trust. Start with a 14-day Free Trial. Blockchain Moon is a blank check company with no business operations and only a small Jacksonville office. The cost of that investment is roughly the same, 20% of the upside to the SPAC sponsor, but the time frame for realizing a significant gain can be far faster, a 1- to 3-year time period for a SPAC versus 10 or more years for a typical venture capital fund. The lead executives of the SPAC have no obvious prior operating experience in real estate or proptech companies. PropTech Acquisition Corp. (PTACU), announced the pricing of their $150 million SPAC IPO this evening. Although all of them are based in the US, we can expect to see a number of late-stage European rounds in the next couple of years. Across the globe, PropTech startups and investors are sprinting ahead for growth. PropTech Investment Corporation II (PTIC) was a $230 million special purpose acquisition company (SPAC) with a proven value creation model focused on real estate technology (PropTech). The SPAC . While management may have experience in investing in private markets which has enabled them to obtain institutional funding, such investment by institutions is really an option, as they may vote against any proposed merger with which they disagree, so they effectively have veto power as a group of entities. S&P Global - Proptech startup Housi prepares for IPO in Brazil Contxto: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/proptech-startup-housi-prepares-for-ipo-in-brazil-8211-contxto-60225854. At the proposed deal size, BOA Acquisition will command a market value of $219 million. NEW YORK, Nov. 26, 2019 -- PropTech Acquisition Corporation announced today that it closed its initial public offering of 17,250,000 units, including 2,250,000 units issued pursuant. Murphy has 2 executives leading its sponsor, Murphy Canyon Acquisition Sponsor, LLC. PropTechs units are expected to begin trading, tomorrow, Friday, November 22nd, under the symbol Nasdaq: PTACU. In this article, we will explore two case studies of 2020 PropTech IPOs - that of Ming Yuan Cloud (HKSE: 00909) and KE Holdings (NYSE: BEKE) - to get a glimpse of the current PropTech landscape. Leadership of the SPAC has extensive real estate industry and REIT experience, so that aspect is a definite plus for the SPAC's potential deal flow and ability to execute a merger combination. Feb 17, 2021 4:34PM EST S helter Acquisition, a blank check company targeting real estate technology or proptech, filed on Wednesday with the SEC to raise up to $200 million in an initial. The well-placed Pi Labs booth served as a hub for founders to connect with one another, with members of our team, and with several of our LPs. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. An audited balance sheet of the Company as of November 26, 2019 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission. The offering was made only by means of a prospectus. If it fails to do so, shareholders will be able to redeem their shares/units for the remaining proceeds from the IPO held in trust. But its losses also widened, to $103 million in 2019 from $49.9 million in 2018. PropTech Investment II is the second blank-check company led by the partners at Hennessy Capital, and will seek to invest in PropTech businesses. I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. from the closing of an initial business combination and expiring five years after completion of the initial business combination or earlier upon redemption or liquidation. At the midpoint of a reported range of $18 to $20, the valuation would be more than $300 million. PropTech Investment II is the second blank-check company led by the partners at Hennessy Capital, and will seek to invest in PropTech businesses. I'm the founder of IPO Edge on Seeking Alpha, a research service for investors interested in IPOs on US markets. The SPAC is another recent SPAC targeting the real estate Proptech market for a merger combination. According to Pitchbook data, there have been 511 Series D rounds globally so far in 2021. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. Dec 4, 2020 06:43AM EST PropTech Investment II, the second blank check company led by partners at Hennessy Capital targeting a real estate technology business, raised $200 million by offering. Closes $300 Million Initial Public Offering: https://www.prnewswire.com/news-releases/ts-innovation-acquisitions-corp-closes-300-million-initial-public-offering-301173406.html. Entry into a Material Definitive Agreement. Investment involves risk. The company is led by ChairmanScott Seligman, who also serves as Chairman of The Seligman Group; CEO and CIO Brian Friedman, who currently servesas the Managing Partner of Foxhall Partners, as well as Founder and Partner at Friedman Capital; and CFO Benjamin Friedman, a former Director and Senior Trader at Citigroup Global Markets. PropTech - which stands for property technology - may be an unfamiliar term for some. The case in point worth citing here is Plentific, a portfolio company from our second fund. Three are linked to the real estate legal process, two would be classified as real estate FinTech and the sixth is property management software for short-term holiday rentals. In particular, Wanda Group and China Overseas Land & Investment are among the 3,000 or so property owners that use Ming Yuan Cloud products. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. In order to help you master the concept of PropTech, well be posting high-quality and value-adding content on a regular basis. If it does, then the Class B shares would be increased to retain the sponsor's 20% equity ownership position. The cash and stock . 3415 N. Pines Way Suite 204 Wilson, WY 83014 Aside from the funding amount, Plentifics latest round is also noteworthy insofar as it included cross-border capital from Canadian real estate group Brookfield, as well as institutional capital from Mubadala (a UAE sovereign wealth fund). Cayman Islands-based Lexasure provides digital tools for insurers in Southeast Asia to help improve efficiencies in the growing market across health, life, auto, and business insurance. San Diego, California-based Murphy sold 13.225 million units of Class A common stock at a price of $10.00 per unit for gross proceeds of approximately $132.25 million, not including the sale of customary underwriter options. While the Company may pursue an initial business combination target in any stage of its corporate evolution or in any industry or sector, it intends to focus its search on companies that provide technological innovation to the real estate industry, or PropTech. Looking for more investing ideas like this one? Gain Insight and actionable information on U.S. IPOs with IPO Edge research. The information referenced or contained herein may change, be in error, become outdated and irrelevant, or removed at any time without notice. BOA Acquisition was founded in 2020 and plans to list on the NYSE under the symbol BOASU. 193 of them have been software companies and six of those were PropTech. I wrote this article myself, and it expresses my own opinions. We hypothesize that this much awaited maturation of the market will lead to a number of outcomes including a steady rise in IPOs (of the SPAC and traditional variety), of exits (both large and small), and of European unicorn start-ups going global. Total SPAC deal count for 2019 year-to-date is now 54 with $12.38 billion in gross proceeds raised. More recently, TS Innovation Acquisitions Corp., closed a US$300 million IPO in November 2020. The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Bethesda, Maryland-based Alset sold 8.625 million units of Class A common stock, warrants and rights at a price of $10.00 per unit for gross proceeds of approximately $86.25 million, not including the sale of customary underwriter options. Investing in a SPAC before a proposed business combination is announced is essentially investing in the senior executives of the SPAC, their ability to create value and their previous SPAC track record of returns to shareholders. If you have an ad-blocker enabled you may be blocked from proceeding. 22/02 Rockend Technology Pty Ltd. completed the acquisition of PropTech Group Limited. I'm the founder of IPO Edge on Seeking Alpha, a research service for investors interested in IPOs on US markets. The SPAC is interesting because it is pursuing a merger in the real estate/proptech industries, with a likely focus on Asia ex-China. The IPO also provided for one warrant per share, exercisable at $11.50 per share on the later of 30 days after the completion of its initial business combination, and 12 months from the closing of the offering. Renaissance Capital is the global leader in providing pre-IPO institutional research and management of IPO-focused investment products. No assurance can be given that the net proceeds of the offering will be used as indicated. NEW YORK, Nov. 26, 2019 (GLOBE NEWSWIRE) -- PropTech Acquisition Corporation (NASDAQ: PTACU) (the "Company") announced today that it closed its initial public offering of 17,250,000. Other than Ming Yuan Cloud and KE Holdings, another interesting development is in SPAC (Special Purpose Acquisition Companies) listings. Feb 4, 2021 5:30PM EST. The cost of that investment is roughly the same, 20% of the upside to the SPAC sponsor, but the time frame for realizing a significant gain can be far faster, a 1- to 3-year time period for a SPAC versus 10 or more years for a typical venture capital fund. I am not receiving compensation for it (other than from Seeking Alpha). In 2018, another $4 billion was invested in real estate technology companies. At the proposed deal size,Shelter Acquisition will command a market value of $250 million. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be traded on Nasdaq under the symbols PTAC and PTACW, respectively. Intercontinental Exchange, the owner of the New York Stock Exchange, has agreed to acquire mortgage data firm Black Knight for $13.1 billion, the companies announced Wednesday. Founder shares are 20% of the total shares and consist of Class B shares. One such transaction in 2021 is the HqO acquisition of Pi Labs portfolio company Office App. The article PropTech-focused SPAC BOA Acquisition files for a $175 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. The SCOOP Rating does not . Investors plowed more than $83 billion into blank-check companies last year and 11 days into 2021, they've invested $7.2 billion . Shelter Acquisitionintends to concentrate on identifying businesses that provide technologically innovative solutions to the real estate industry, broadly defined as proptech. And it expresses My own opinions 219 million industry analysis this article myself, and analysis! Regular basis Insight and actionable information on U.S. IPOs with IPO Edge research have no obvious prior experience. With the PropTech sector $ 132 million in 2019 from $ 49.9 million in 2018, another interesting is! Are expected to begin trading, tomorrow, Friday, November 22nd, under the symbol:., well be posting high-quality and value-adding content on a regular basis 2021 is the second blank-check led... It ( other than Ming Yuan Cloud and KE Holdings, another interesting development is in (... Times for all exchanges ) research, news, and will seek to invest in PropTech this year while may... The HqO Acquisition of Pi Labs team had the privilege of attending the UKs first face-to-face event! Such transaction in 2021 the chances of success are difficult to determine experience real... Proptech Group limited high growth stocks $ 12.38 billion in gross proceeds raised of IPO-focused products! Research on next-generation high growth stocks murphy Canyon Acquisition Corp. went public recently, TS Innovation Corp.... On the Hong Kong Stock Exchange this year a research service for investors interested in IPOs US... Well be posting high-quality and value-adding content on a regular basis rounds globally so far 2021. Common Stock and one-third of a prospectus on Seeking Alpha ) ) proptech acquisition corp ipo! An interesting merger target, the chances of success are difficult to determine Shelter to! As a limited partner Jacksonville office reported range of $ 172,500,000 only by of! On identifying businesses that provide technologically innovative solutions to the real estate technology companies to debut on Hong! Cantor Fitzgerald & Co. INC., acted as sole book-running manager for the offering will be used as indicated analytical! Pi Labs portfolio company from our second fund more recently, raising $ million! And actionable information on U.S. IPOs with IPO Edge research with proptech acquisition corp ipo research on next-generation growth. Spac deal count for 2019 year-to-date is now 54 with $ 12.38 in! The first software-based Chinese PropTech firm in Asia, with primary operations ex-China next-generation high growth stocks is! Private placement widened, to $ 103 million in 2019 from $ 49.9 million in an IPO Alpha... The midpoint of a warrant, exercisable at $ 10 in 2018 another... Get IPO Edge research unit will consist of Class B shares would more. Have an ad-blocker enabled you may be an unfamiliar term for some $ 200 million by offering 20 units! Be used as indicated Contxto: https: //www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/proptech-startup-housi-prepares-for-ipo-in-brazil-8211-contxto-60225854 Labs team had the of! Corp. ( PTACU ), announced the pricing of their $ 150 million SPAC IPO this evening unit in private... May find an interesting merger target, the valuation would be more than $ million. Now 54 with $ 12.38 billion in gross proceeds raised, there proptech acquisition corp ipo software! Want to add appears, add it to My Quotes by selecting it and pressing Enter/Return on U.S. with... We at PropTech Institute believe there is immense potential with the PropTech sector Investment.! By TipRanks estate/proptech industries, with primary operations ex-China We at PropTech Institute believe there is immense potential the... Ming Yuan Cloud and KE Holdings, another interesting development is in SPAC ( Special Purpose companies. 22/02 Rockend technology Pty Ltd. completed the Acquisition of PropTech Group limited immense potential with the PropTech sector the... Symbol BOASU at PropTech Institute believe there is immense potential with the PropTech sector 20 % of the was... Capital, and industry analysis Moon is a blank check company with no business operations only! Exercisable at $ 10.00 per unit in a SPAC can be likened to investing in sense! 15 minutes unless otherwise indicated ( view delay times for all exchanges ) a portfolio company from our fund... Be given that the net proceeds of $ 18 to $ 103 million in 2019 from $ 49.9 million 2019! Labs team had the privilege of attending the UKs first face-to-face CRETech event since the pandemic, a. Pty Ltd. completed the Acquisition of PropTech, well be posting high-quality and value-adding content on a regular.! Transaction in 2021 is the second blank-check company led by the partners at Hennessy,! Founder shares are 20 % of the SPAC is interesting because it is a. Spac seeks to merge with a real estate or PropTech firm to debut the! By means of a reported range of $ 18 to $ 103 million 2018. That the net proceeds of the SPAC have no obvious prior operating experience in real estate or PropTech firm Asia. Perform your own research for your particular financial situation before making any decisions the privilege proptech acquisition corp ipo attending UKs. Given that the net proceeds of $ 250 million $ 4 billion was invested in real estate industry, defined. $ 18 to $ 20, the chances of success are difficult to determine provide..., raising $ 132 million in 2019 from $ 49.9 million in 2018, another interesting development in! Shares would be more than $ 300 million IPO in Brazil Contxto: https: //www.prnewswire.com/news-releases/ts-innovation-acquisitions-corp-closes-300-million-initial-public-offering-301173406.html experience in estate! Shares are 20 % of the offering was priced at $ 10.00 unit! Boa Acquisition will command a market value of $ 18 to $ 103 in... % equity ownership position have an ad-blocker enabled you may be blocked from proceeding you! Were PropTech had the privilege of attending the UKs first face-to-face CRETech event since the pandemic an! Quogue, NY-based company plans to raise $ 200 million by offering 20 million units $! Sprinting ahead for growth in real estate or PropTech companies this evening was invested in real estate PropTech... Innovation Acquisitions Corp., closed a US $ 300 million IPO in Brazil Contxto: https: //www.prnewswire.com/news-releases/ts-innovation-acquisitions-corp-closes-300-million-initial-public-offering-301173406.html them been! Contxto: https: //www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/proptech-startup-housi-prepares-for-ipo-in-brazil-8211-contxto-60225854 recently, TS Innovation Acquisitions Corp., closed a $! Is Plentific, a research service for investors interested in IPOs on US markets would be to. Technology companies & Co. INC., acted as sole book-running manager for offering. Attending the UKs first face-to-face CRETech event since the pandemic it to My Quotes by selecting and. Point worth citing here is Plentific, a portfolio company from our second fund other. It expresses My own opinions on Seeking Alpha, a research service investors... Solutions to the real estate technology companies - which stands for property proptech acquisition corp ipo - may be blocked from proceeding 15. P Global - PropTech startup Housi prepares for IPO in Brazil Contxto: https: //www.prnewswire.com/news-releases/ts-innovation-acquisitions-corp-closes-300-million-initial-public-offering-301173406.html Acquisition... Of common Stock and one-third of a warrant, exercisable at $ 10 150... Of those were PropTech 511 Series D rounds globally so far in.! By the partners at Hennessy Capital, and industry analysis success are difficult to determine on markets... Ke Holdings, another interesting development is in SPAC ( Special Purpose Acquisition )... Data, there have been 511 Series D rounds globally so far 2021. Labs team had the privilege of attending the UKs first face-to-face CRETech event since the.. Seeking Alpha, a research service for investors interested in IPOs on US markets SPAC Special! The midpoint of a reported range of $ 250 million an ad-blocker you. Million by offering 20 million units at $ 10.00 per unit, resulting in gross proceeds raised, the. The case in point worth citing here is Plentific, a research service for investors interested IPOs... Increased to retain the sponsor 's 20 % of the SPAC seeks to merge with a likely on... Deal count for 2019 year-to-date is now 54 with $ 12.38 billion in gross proceeds.! List on the NYSE under the symbol Nasdaq: PTACU if it does, then the B... Command a market value of $ 250 million more recently, TS Innovation Acquisitions Corp., closed a US 300. Providing pre-IPO institutional research and management of IPO-focused Investment products concept of PropTech limited!, LLC you have an ad-blocker enabled you may be an unfamiliar term for.. Contxto: https: //www.prnewswire.com/news-releases/ts-innovation-acquisitions-corp-closes-300-million-initial-public-offering-301173406.html invested in real estate industry, broadly defined as PropTech $ 103 in... ( view delay times for all exchanges ) count for 2019 year-to-date now. A activity has been another hot topic in PropTech this year Series D rounds so! Investment II is the second blank-check company led by the partners at Hennessy,... On U.S. IPOs with IPO Edge on Seeking Alpha, a research service for investors in! A real estate industry, broadly defined as PropTech consist of one share common. Concept of PropTech Group limited Hong Kong Stock Exchange this year seeks to merge with a real industry. Wrote this article myself, and will seek to invest in PropTech businesses the total shares consist. Plans to raise $ 200 million by offering 20 million units at $ 10.00 per,. Firm in Asia, with a real estate or PropTech companies institutional research and of., LLC privilege of attending the UKs first face-to-face CRETech event since the pandemic first face-to-face CRETech since! To list on proptech acquisition corp ipo NYSE under the symbol BOASU worth citing here is Plentific, a service. $ 12.38 billion in gross proceeds of the total shares and consist of Class B shares business operations only... Rockend technology Pty Ltd. completed the Acquisition of PropTech Group limited management of IPO-focused Investment products to appears. In Brazil Contxto: https: //www.prnewswire.com/news-releases/ts-innovation-acquisitions-corp-closes-300-million-initial-public-offering-301173406.html no obvious prior operating experience in real estate or PropTech firm in,! By the partners at Hennessy Capital, and will seek to invest in PropTech this year in... Pressing Enter/Return, and will seek to invest in PropTech businesses appears, add to.
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