Blank-check company TPG Pace Beneficial Finance Corp. files for $350 million IPO

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Blank-check company TPG Pace Beneficial Finance Corp. filed for an initial public offering on Friday, with plans to offer 35 million units priced at $10 each to raise $350 million. Each unit consists of one Class A share and one-fifth of one redeemable warrant. Each whole redeemable warrant entitles the holder to purchase a Class A share for $11.50 a share. The company has applied to list on the New York Stock Exchange under the ticker “TPGY.” There are six banks underwriting the deal, led by Deutsche Bank, J.P. Morgan and Barclays. Proceeds of the deal will be used to acquire a business or businesses. “We are focused on sponsoring the public listing of a company that combines attractive business fundamentals with, or with the potential for strong environmental, social and governance (“ESG”) principles and practices through a business combination,” the company says in its prospectus. Blank-check companies, or special purpose acquisition corporations, have become a popular way to go public this year with a record 82 deals raising $31 billion in proceeds, according to Renaissance Capital, a a provider of institutional research and IPO-related exchange-traded funds.
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