Brazil-focused Itiquira SPAC has raised US$200m via IPO. The vehicle will search for a company in Brazil in a sector historically underserved by the government, such as technology, healthcare, pharma, education, and consumer services, among others.
(Renaissance Capital) Itiquira Acquisition, a blank check company targeting growth sectors in Brazil, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. SPX Equities Gestão de Recursos, a member of the sponsor, had indicated on 2 million units in the offering.
The company is led by CEO and Chairman Paulo de Gouvea, who has been a Founding Managing Partner of Ygeia Capital Gestão de Recursos since 2015. He is joined by CFO Marcus Silberman, who has served as a Principal at CH Global Capital since 2019 and previously was Co-Head of Latin America M&A at BofA Securities from 2014 to 2019.
Itiquira Acquisition intends to search for a target in Brazil, focusing on sectors with strong growth potential, high correlation to Brazil growth, resilient business models, in non-cyclical industries, with favorable secular trends, including those that have been historically underserviced by the government. These include technology, healthcare, pharma, education, and consumer services, among others.
Itiquira Acquisition plans to list on the Nasdaq under the symbol ITQRU. Citi and UBS Investment Bank acted as lead managers on the deal.