Facebook Co-Founder Eduardo Saverin B Capital Cancels $300 Million SPAC Listing in United States
5th May 2022 | Hong Kong
Facebook co-founder Eduardo Saverin private equity firm B Capital has cancelled plans to raise $300 million via a SPAC listing in United States, a filing initiated in February 2021 for B Capital Technology Opportunities Corp to the United States Securities & Exchange Commission. B Capital Group is a private equity firm co-founded by converted-Singapore Citizen Eduardo Saverin, who is also one of Singapore’s richest man with around $12 billion personal fortune, and Raj Ganguly (Senior Advisor, Boston Consulting Group) in 2015. (SPAC ~ Special Purpose Acquisition Company)
” Facebook Co-Founder Eduardo Saverin B Capital Cancels $300 Million SPAC Listing in United States “
B Capital Technology Opportunities Corp
Facebook co-Founder Eduardo Saverin B Capital Creates SPAC to Raise $300 Million on NASDAQ
In February 2021, B Capital Group created a SPAC (Special Purpose Acquisition Company) to raise up to $300 million on Nasdaq to invest into transformation technology companies. SPAC (Special Purpose Acquisition Company) is also popularly referred to as a blank cheque company, that allows the listed company without any existing businesses to raise capital through an IPO (initial public offering), and thereafter use the capital to invest into companies.
The SPAC (Special Purpose Acquisition Company) created is B Capital Technology Opportunities Corp, which is founded only in 2021. The IPO (initial public offering) filing took place on 19th February 2021 and confirm plans to list on Nasdaq.
Should the company successfully raised the $300 million through the IPO (initial public offering) on NASDAQ, the newly created firm in 2021 will be valued at $375 million.
Summary of IPO filing
- Company: B Capital Technology Opportunities Corp
- Founded: 2021
- To Raise: $300 million
- Offer: 30 million units at $10
- Each unit = 1 share common stock + 1/3 warrant at $11.50
- Valuation: $375 million
- Company HQ: New York
- Planned Exchange: Nasdaq
- Symbol: BCTAU
- Bookrunner: Credit Suisse
B Capital Technology Opportunities Corp Founders & Company
B Capital Technology Opportunities Corp is backed by B Capital. The Chairman is Howard Morgan, who is also the co-founder and Chairman of B Capital Group. Howard Morgan was the former President and co-founder of Renaissance Technologies with Jim Simons, one of the world’s largest hedge fund.
The CEO is Raj Ganguly, co-founder of B Capital and is also a senior advisor at top management consulting firm Boston Consulting Group (BCG). Eduardo Saverin facebook co-founder, co-founder of B Capital and now Singapore Citizen is a special advisor to B Capital Technology Opportunities Corp.
The company plans to focus on targets with operations or prospective operations in technology that is transforming large traditional industries such as:
- Consumer enablement
- Financial services
- Health & wellness
- Industrial & transportation
B Capital Group
B Capital was founded in 2015 and invests in transformative technology startups during their early expansion stage (Series B, C rounds), at which time a company is prepared for rapid growth and acceleration. The firm invests between $10 million to $50 million in each portfolio company, including reserves for future growth funding. In June 2020, B Capital Group closed its 2nd fund of $820 million, with the group totalling AUM of more than $1.4 billion.
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