A blank-check company backed by private equity firm Apollo Global Management Inc. is looking to raise $250 million in a U.S. IPO, the company said on Nov. 23.
Spartan Acquisition Corp. II is aiming to sell 25 million units at $10 apiece, it said in a statement, adding it plans to use the proceeds to invest in a business focused on energy transition and sustainability.
The special acquisition purpose company (SPAC) had previously expected to raise up to $400 million in its IPO.
A SPAC is a shell company that uses IPO proceeds to buy another company, typically within two years, in a merger that will take the acquired company public. Investors are not notified in advance on what company the SPAC will buy.
SPACs have emerged as a popular IPO alternative for companies this year, providing a path to going public with less regulatory scrutiny.
Another Apollo-backed SPAC, Spartan Energy Acquisition Corp., said in July it would take electric-car maker Fisker Inc. public at a valuation of $2.9 billion.
Citigroup, Credit Suisse, Cowen and Morgan Stanley are among the book-running managers for Spartan Acquisition Corp. II's offering.
Project Canary CEO Chris Romer recently spoke with Hart Energy to discuss responsibly sourced natural gas, ESG and how RSG fits into the drive by many across the oil and gas industry to meet aggressive climate goals and sustain a social license to operate.
EQT will seek to produce “responsibly sourced natural gas” from select wellpads by using continuous methane emission monitoring devices provided by pilot partner Project Canary.
Investment interest for oil and gas companies in the coming months will be significantly impacted by ESG factors.