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Money News

Former Uber executive-led blank-check company seeks $250 million in IPO

(Reuters) - A blank check-company helmed by former Uber Technologies Inc’s executive Emil Michael is looking to raise $250 million in an initial public offering, the company said on Friday.

DPCM Capital Inc aims to sell 25 million units at a price of $10 each and has applied to list its units on the New York Stock Exchange under the symbol "XPOA.U", it said in a filing here.

Michael, who served as the chief business officer of the ride-hailing provider for over three years until 2017, had spearheaded the firm’s expansion in China and Russia.

The blank-check company also counts former Alphabet Inc’s Chief Executive Officer Eric Schmidt among its special advisors.

A special purpose acquisition company, or SPAC, is a shell vehicle that raises money in an IPO to buy and then merge with an unknown company.

DPCM has become the latest SPAC to file for an IPO, joining the likes of high-profile investors such as Bill Ackman and Michael Klein, who have raised billions through their SPACs this year.

On Thursday, a SPAC led by billionaire Charles Ergen, said it was aiming to raise around $1 billion in an IPO.

UBS Investment Bank is the underwriter to DPCM’s offering.

Reporting by Abhishek Manikandan in Bengaluru; Editing by Amy Caren Daniel

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