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.
Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, took aim at U.S. shale producers following the OPEC+ meeting on March 4, saying: “‘Drill, baby, drill’ is gone forever.”
Oil rigs rose one to 310 this week, their highest since May, while gas rigs were unchanged at 92.
Wolfcamp Shale producers completed by Chevron and EOG Resources in the Permian Basin plus details on exploratory wells at LLOG Exploration’s Spruance prospect in the Gulf of Mexico top this week’s oil and gas drilling activity highlights from around the world.