Bow Capital’s Ranadive Files for $350 Million Blank-Check Firm
(Bloomberg) -- Bow Capital Management’s Vivek Ranadive, the founder of Tibco Software Inc. and the owner of the Sacramento Kings National Basketball Association franchise, has joined the blank-check company parade with a filing for a $350 million listing.
BowX Acquisition Corp. said in its filing Friday with the U.S. Securities and Exchange Commission that the special purpose acquisition company, or SPAC, will focus on acquiring a business in the technology, media and telecommunications industries.
Ranadive is co-founder and managing director of the venture capital firm Bow Capital. He’s also a former co-owner of the Golden State Warriors basketball team.
Ranadive was joined Friday by two other prominent corporate leaders in pursuing SPAC listings.
Yucaipa Acquisition Corp., led by billionaire Ron Burkle of Yucaipa Cos., filed for a $300 million SPAC, without specifying a target industry. Blank-check company Holicity Inc., with telecommunications pioneer Craig McCaw as its chief executive officer, filed for $250 million offering, saying it would focus initially on technology, media and telecommunications.
Listings by new SPACs have set records this year. Through July 17, some 44 offerings on U.S. exchanges have raised more than $13.5 billion, according to data compiled by Bloomberg.
More SPACs aiming to raise billions of dollars are in the pipeline. Pershing Square Capital Management founder Bill Ackman is planning what will be the largest ever SPAC, a $4 billion share sale expected this month. The $1.1 billion listing, including greenshoe shares, in February by Michael Klein’s Churchill Capital Corp. III was previously the largest U.S. SPAC, the data show.
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