Peruvian billionaire-backed SPAC aims to raise $250 million in U.S. IPO

  • 3/9/2021
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(Reuters) - A blank-check firm backed by Peruvian billionaire Carlos Rodriguez-Pastor is aiming to raise $250 million in its U.S. initial public offering, according to a regulatory filing on Tuesday. Excelsa Acquisition Corp, a special purpose acquisition company (SPAC), will target businesses across financial services, healthcare, retail, education, entertainment and consumer goods industries in Latin America. Rodriguez-Pastor, 61, also owns a big part of Intercorp Financial Services, which provides banking, insurance and wealth management services for retail customers and commercial clients in Peru. He also owns companies in the retail, real estate, and education industry in Peru and his net worth is pegged at more than $5 billion, according to Forbes. Excelsa Acquisition Corp will sell 25 million units, made up of shares and warrants, priced at $10 per piece, according to the filing. It will list its units on the New York Stock Exchange under the symbol “XLSAU”. A SPAC is a shell company that raises money in an IPO before merging itself with a privately held company to take the latter public. Credit Suisse and J.P. Morgan are underwriters on the offering.

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