Blank-check backed by Bain Capital affiliate aims for $300 million IPO

A blank-check firm backed by BCC Investment Management, an affiliate of Bain Capital, is looking to raise up to $300 million through an initial public offering, a regulatory filing showed on Thursday.

BCC Investment Corp, a so-called special purpose acquisition company, or SPAC, plans to sell 30 million units composed of shares and warrants on the New York Stock Exchange, priced at $10 per unit.

Another entity tied to Massachusetts-based Bain Capital last year raised $125 million through an IPO for healthcare focused SPAC BCLS Acquisition Corp.

Bain Capital is one of the several private equity firms like Apollo Global Management and Warburg Pincus that have joined the blank-check frenzy.

Hony Capital, one of China’s biggest PE firms, also filed for a $300 million IPO for a SPAC in February this year.

SPACs are shell companies that raise funds to acquire a private company, allowing those looking to list themselves to eschew a traditional IPO and go public with less regulatory scrutiny. The trend, which became popular last year, has only accelerated in 2021.

The value of global blank-check deals has surged to a record $170 billion so far this year, already outstripping last year’s total of $157 billion, according to Refinitiv data.

The SPAC’s units will be listed on the New York Stock Exchange under the symbol “BCIC.U”.

Goldman Sachs & Co and Evercore ISI are the underwriters for BCC’s offering.

Source: Reuters