Altimeter Growth (AGCUU) Prices $450 Million IPO

By Amit Chowdhry ● October 1, 2020
  • Altimeter Growth Corp has announced the pricing of its initial public offering of 45 million units at $10.00 per unit

Altimeter Growth Corp has announced the pricing of its initial public offering of 45 million units at $10.00 per unit. The units will be listed on the Nasdaq Capital Market in the United States and trade under the ticker symbol “AGCUU” starting today. Each of the units will consist of one Class A ordinary share and one-fifth of one redeemable warrant with each warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share.

When the securities comprising the units start separate trading, Altimeter expects that the Class A ordinary shares and warrants will be listed on Nasdaq under the symbols “AGC” and “AGCWW,” respectively. And AGC expects the initial public offering to close on October 5, 2020, subject to customary closing conditions.

AGC also entered into a forward purchase agreement for the purchase of up to 17.5 million forward purchase units with Altimeter Partners Fund, L.P., an affiliate of Altimeter Growth Holdings. And in addition, AGC has entered into a forward purchase agreement for the purchase of up to 2.5 million forward purchase units with JS Capital LLC.

AGC — which is led by Brad Gerstner — formed this newly organized blank-check company to complete a merger, share exchange, asset acquisition, share purchase, reorganization, or similar transaction with one or more businesses or entities. This is commonly known as a special purpose acquisition company (SPAC).

Citigroup Global Markets Inc., Goldman Sachs & Co., LLC, and Morgan Stanley & Co. LLC are acting as the book-running managers in the offering. And AGC has granted the underwriters a 45-day option to purchase up to 5 million additional units at the initial public offering price to cover over-allotments, if any.

Other executives at Altimeter include General Counsel and Director Hab Siam, partner Pauline Yang, partner Kevin Wang, partner Ram Woo, partner Thomas Reiner, and CFO/partner John Kiernan III.