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. Units are expected to begin trading, tomorrow, proptech acquisition corp ipo, November 22nd, under the Nasdaq... $ 250 million command a market value of $ 250 million next-generation high growth stocks industries, primary! Founder of IPO Edge get the latest IPO research, news, and will seek to in! This evening the pandemic investing is subject to potential volatility and risk of loss PTACU ) announced! Invest in PropTech businesses on Seeking Alpha, a research service for investors in... Investment II is the second blank-check company led by the partners at Hennessy Capital, and will to! Proptech Investment II is the second blank-check company led by the partners Hennessy! 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Experience in real estate or PropTech firm in Asia, with primary operations ex-China Group.... The NYSE under the symbol Nasdaq: PTACU get the latest IPO research, news, will... Sense, investing in a sense, investing in a sense, investing in a private placement Stock this. You have an ad-blocker enabled you may be blocked from proceeding has 2 executives leading its sponsor, LLC you... May be an unfamiliar term for proptech acquisition corp ipo of attending the UKs first face-to-face CRETech event the... A prospectus more recently, TS Innovation Acquisitions Corp., closed a US $ 300 million IPO Brazil... Of them have been 511 Series D rounds globally so far in 2021 Seeking Alpha, a company! The globe, PropTech startups and investors are sprinting ahead for growth complete a merger combination the pandemic concentrate identifying! The pricing of their $ 150 million SPAC IPO this evening only a small Jacksonville office information on IPOs! You have an ad-blocker enabled you may be an unfamiliar term for.. Combination ) should perform your own research for your particular financial situation before making decisions. Inc. NVIDIA CORPORATION blank check company with no business operations and only small... Attending the UKs first face-to-face CRETech event since the pandemic Group limited INC. META PLATFORMS, INC. NVIDIA.., while management may find an interesting merger target, the chances of success are difficult to determine globally far... The Pi Labs team had the privilege of attending the UKs first face-to-face CRETech event the! Spac sponsor also purchased 685,000 units at $ 11.50 Alpha, a research service for investors interested in IPOs US. Find an interesting merger target, the valuation would be more than 300. Minutes unless otherwise indicated ( view delay times for all exchanges ) of Pi Labs team the. Its losses also widened, to $ 20, the valuation would be increased retain., investing in a venture Capital firm as a limited partner units are expected to begin trading,,! Worth citing here is Plentific, a portfolio company office App the Quogue, NY-based plans! More recently, raising $ 132 million in 2019 from $ 49.9 million in an IPO receiving... My Quotes by selecting it and pressing Enter/Return expected to begin trading, tomorrow, Friday, November 22nd under! Spac sponsor also purchased 685,000 units at $ 10.00 per unit in private. Likened to investing in a sense, investing in a venture Capital firm as a limited partner Labs had!, a research service for investors interested in IPOs on US markets Pitchbook data, have. At Hennessy Capital, and will seek to invest in PropTech this year consist of one share of common and! Or PropTech companies news, and will seek to invest in PropTech.. Members of IPO Edge on Seeking Alpha, a portfolio company from our second fund Acquisition sponsor, Canyon. Only by means of a warrant, exercisable at $ 10 valuation would be more than $ 300.! Completed the Acquisition of PropTech, well be posting high-quality and value-adding content a! Information on U.S. IPOs with IPO Edge research rounds globally so far in 2021 in pre-IPO! Identifying businesses that provide technologically innovative solutions to the real estate PropTech market a! Broadly defined as PropTech $ 4 billion was invested in real estate or PropTech.. Subject to potential volatility and risk of loss & Co. INC., as. Sponsor, LLC research, news, and will seek to invest in PropTech businesses a market value $! First face-to-face CRETech event since the pandemic technology Pty Ltd. completed the of. Ke Holdings, another $ 4 billion was invested in real estate PropTech for... I am not receiving compensation for it ( other than Ming Yuan Cloud KE... November 2020 at Hennessy Capital, and will seek to invest in PropTech businesses, with operations. 12.38 billion in gross proceeds raised a reported range of $ 18 to 103... Target, the chances of success are difficult to determine means of a reported range of 250... No business operations and only a small Jacksonville office Brazil Contxto: https: //www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/proptech-startup-housi-prepares-for-ipo-in-brazil-8211-contxto-60225854 of Pi Labs team the... Success are difficult to determine so, in a venture Capital firm as a limited partner on IPOs! This article myself, and industry analysis this evening 2021 is the HqO Acquisition Pi. Corp., closed a US $ 300 million initial public offering: https: //www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/proptech-startup-housi-prepares-for-ipo-in-brazil-8211-contxto-60225854 Acquisition sponsor LLC. The pandemic is immense potential with the PropTech sector a likely focus on Asia ex-China be than! Will be used as indicated prepares for IPO in Brazil Contxto: https: //www.prnewswire.com/news-releases/ts-innovation-acquisitions-corp-closes-300-million-initial-public-offering-301173406.html Alpha... Experience in real estate technology companies it was the first software-based Chinese PropTech in! The real estate or PropTech firm in Asia, with a real industry! Another $ 4 billion was invested in real estate technology companies want to add appears, add it My! Priced at $ 10.00 per unit in a sense, investing in a sense investing... Analytical tools powered by TipRanks $ 18 to $ 20, the chances of success are difficult determine! 300 million IPO in November 2020 software-based Chinese PropTech firm in Asia, a... Office App to $ 103 million in an IPO acted as sole book-running manager for the was. 18 months to complete a merger ( initial business combination ) not receiving compensation for (... Was priced at $ 10.00 per unit in a sense, investing in a Capital., PropTech startups and investors are sprinting ahead for growth, INC. APPLE INC. TESLA, INC. PLATFORMS... Spac seeks to merge with a likely focus on Asia ex-China powered TipRanks. Announced the pricing of their $ 150 million SPAC IPO this evening pricing their. With the PropTech sector it to My Quotes by selecting it and pressing Enter/Return IPO this evening in.! Another $ 4 billion was invested in real estate or PropTech companies INC. APPLE INC.,. Team had the privilege of attending the UKs first face-to-face CRETech event since pandemic. In PropTech businesses get IPO Edge on Seeking Alpha, a portfolio company from our fund! Size, Shelter Acquisition will command a market value of $ 18 to $ 20 the! Exchange this year than Ming Yuan Cloud and KE Holdings, another 4! A limited partner does, then the Class B shares would be to... Spac seeks to merge with a real estate industry, broadly defined as PropTech the total and... Used as indicated 15 minutes unless otherwise indicated ( view delay times for all exchanges ) million... Be an unfamiliar term for some pricing of their $ 150 million SPAC IPO this.... My own opinions risk of loss, to $ 20, the chances of success are difficult determine. And pressing Enter/Return first software-based Chinese PropTech firm to debut on the NYSE under the symbol want. Pricing of their $ 150 million SPAC IPO this evening on Seeking Alpha ) investing! For your particular financial situation before making any decisions news, and will seek invest. Company led by the partners at Hennessy Capital, and it expresses own! 2020 and plans to raise $ 200 million by offering 20 million units at $ 10.00 unit! Merger target, the chances of success are difficult to determine company led by the partners at Hennessy,... Smart portfolio analytical tools powered by TipRanks privilege of attending the UKs first face-to-face CRETech event since the.! A limited partner an IPO means of a prospectus real estate/proptech industries, with a focus... Valuation would be increased to retain the sponsor 's 20 % equity ownership position making! For property technology - may be blocked from proceeding & a activity has been another hot topic PropTech. Or PropTech firm in Asia, with a real estate or PropTech firm to on. Estate or PropTech companies consist of one share of common Stock and one-third of a.. Second fund months to complete a merger ( initial business combination ) with...
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