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Thunder II sets IPO higher than Thunder’s 2018 debut
Posted on Thursday, 18 July 2019 11:23
Management of Thunder Bridge are attempting to replicate the success of the special purpose acquisition company (SPAC) by launching another blank check focused on the financial services industry.

A little over a year ago the cash shell raised USD 258.00 million via an initial public offering on Nasdaq and just last week completed its business combination with Repay Holdings for USD 580.70 million.

Now management have incorporated Thunder Bridge Acquisition II (Thunder II) in the Cayman Islands and have submitted paperwork for a USD 300.00 million listing, which could fetch USD 345.00 million if the green shoe is exercised.

As before, the SPAC intends to focus on finding a takeover target within the financial services industry, including asset and wealth management, lending and leasing, and businesses providing technological services to, or operating in, the sector.

It plans to place a particular emphasis on those providing data processing, storage and transmission, databases and payment services, fraud detection, data analysis or verification, client or customer interfaces.

Thunder II will eye a business that may be fundamentally sound but is potentially in need of financial, operational or strategic help to maximise value.

The company stated it does “not intend to acquire start-up or other early-stage companies, companies with speculative business plans or companies that are excessively leveraged”.

Great Falls, Virginia-based Thunder II is selling 30.00 million units at USD 10.00 apiece and providing Morgan Stanley and Cantor with an overallotment option for a further 4.50 million securities.

Zephyr, the M&A database published by Bureau van Dijk, shows 36 IPOs by SPACs have been globally announced in 2019 to date.

Thunder II’s proposed USD 345.00 million listing is the sixth-largest of the year, just shy of the USD 350.00 million fundraiser planned by Diamond Eagle.

© Zephus Ltd