Apollo-backed SPAC looks to raise $400 million through U.S. IPO

An affiliate of private-equity firm Apollo Global Management Inc is aiming to raise $400 million in a U.S. initial public offering, a regulatory filing showed on Monday.

Apollo Strategic Growth Capital III, a special purpose acquisition company (SPAC), said it planned to sell 40 million units composed of shares and warrants, priced at $10 per unit.

Apollo Strategic Growth Capital III will list its units on the New York Stock Exchange under the symbol “APGC.U”.

SPACs are shell firms that raise money in an IPO before merging with a privately-held company to take the latter public.

Apollo, a global alternative asset management firm, has raised hundreds of millions of dollars through multiple blank-check companies so far, with some of its SPACs already landing deals.

Spartan Energy Acquisition Corp, an Apollo-backed SPAC, took electric-vehicle maker Fisker Inc public last year for $2.9 billion.