Transformative tech SPAC KINS Technology Group files for a $200 million IPO

KINS Technology Group, a blank check company formed by tech veteran Khurram Sheikh targeting the tech industry, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.

The Palo Alto, CA-based company plans to raise $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. At the proposed deal size, KINS Technology Group would command a market value of $250 million.

The company is led by CEO, CFO, and Chairman Khurram Sheikh, founder and CEO of boutique strategic advisory firm Aijaad. Sheikh’s previous roles include serving as CEO of kwikbit, Chief Strategy and Technology Officer of Silicon Image, CTO and CEO of Powerwave Technologies, and VP of Wireless Strategy and Development at Time Warner Cable. The company plans to target transformative technology businesses that operate in a growing addressable market and have a validated business model, among other criteria.

KINS Technology Group was founded in 2020 and plans to list on the Nasdaq under the symbol KINZ.U. The SPAC filed confidentially on August 14, 2020. UBS Investment Bank and Stifel are the joint bookrunners on the deal.

The article Transformative tech SPAC KINS Technology Group files for a $200 million IPO originally appeared on IPO investment manager Renaissance Capital’s web site

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article

Exit mobile version