Apollo-backed SPAC aims to raise $400 million in U.S. IPO

(Reuters) - A blank-check company backed by private equity firm Apollo Global Management Inc APO.N said on Friday it was looking to raise $400 million in a U.S. initial public offering.

Spartan Acquisition Corp II is aiming to sell 40 million units at $10 apiece, the company said in a filing here. It is a special acquisition purpose company (SPAC) that is looking to invest in a business focused on energy transition and sustainability.

A SPAC is a shell vehicle that raises money in an IPO to buy and then merge with another company, typically within two years.

Several high-profile investors such as Bill Ackman and Michael Klein have raised billions through their SPACs this year.

In July, another Apollo-backed SPAC called Spartan Energy Acquisition Corp SPAQ_u.N said it will take electric-car maker Fisker public at a valuation of $2.9 billion.

Citigroup, Credit Suisse, Cowen and Morgan Stanley are the book-running managers to Spartan Acquisition’s offering.

Reporting by Abhishek Manikandan in Bengaluru; Editing by Shinjini Ganguli