Bluescape Opportunities ‘blank-check’ company files for IPO to raise $700 million

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Bluescape Opportunities Acquisition Corp. has filed for the initial public offering of stock to raise $700 million. The special purpose acquisition company (SPAC), or “blank-check company,” said it was selling 70 million “units” at $10 each. The units include on Class A common share and one-third of one warrant, which entitles the holder to buy one Class A share at $11.50 each. The company’s sponsor is Bluescape Sponsor LLC, which is an affiliate of private investment firm Bluescape Energy Partners, while Citigroup is the book-running manager of the IPO. Bluescape expects its stock to list on the NYSE under the ticker symbol “BOAC.” The SPAC is looking to go public at a time of strength for recently IPO’d stocks, as the Renaissance IPO ETF has rallied 33.8% over the past three months while the S&P 500 has gained 15.8%.
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