(Reuters) – Liberty Media Acquisition Corporation (LMAC), a blank check company backed by Formula One-owner Liberty Media Corp., said Thursday it priced the first public offering (IPO) at $ 10 a share to $ 500 million built.
The company sold a special purpose purpose (SPAC), which plans to start trading on the Nasdaq on Friday under the symbol “LMACU”, 50 million shares in the US IPO.
SPAC – shell companies that raise money in an IPO to buy another company – was looking for a target in media, music, entertainment, communications and technology.
Several high-profile investors such as Bill Ackman and Michael Klein raised billions through their SPACs last year.
The LMAC management team will be led by Liberty Media Corp. CEO Greg Maffei.
Citigroup, Morgan Stanley, Credit Suisse and Goldman Sachs & Co. LLC as book running co-managers for the IPO.
Reporting by Shreyasee Raj in Bengaluru, Edited by Sherry Jacob-Phillips