Bespoke Capital Acquisition Corp., a newly formed special purpose acquisition corporation, filed for an IPO in Canada to raise $350.0 million in gross proceeds.
The IPO comprises 35.0 million class A restricted voting units of the company at a price of $10.00 apiece. The underwriters also have a 30-day overallotment option to buy up to 5,250,000 additional units, which would bring the gross proceeds to $402.5 million if exercised in full.
Each unit comprises a class A restricted voting share of the company and one half of a share purchase warrant that entitles the holder to buy one class A restricted voting share for $11.50 apiece. The warrant holder may buy shares starting 65 days after the qualifying acquisition's completion and will expire five years thereafter or earlier.
Bespoke Sponsor Capital LP, which sponsors the company and is indirectly controlled by private equity firm Bespoke Capital Partners LLC, plans to buy 12.0 million share purchase warrants at $1.00 apiece simultaneously with the closing of the IPO and has purchased 10,062,500 class B shares of Bespoke Capital Acquisition for a total of $25,000. The sponsor shall cede up to 1,312,500 of its purchased shares without compensation depending on the extent to which the overallotment option is exercised.
The company has received conditional approval from the Toronto Stock Exchange to list its class A restricted voting units, class A restricted voting shares and warrants under the tickers BC.UN.U, BC.A.U and BC.W.U, respectively.
The IPO is expected to close on or about Aug. 15. Bespoke Capital Acquisition is led by Peter Caldini as CEO and director, Paul Walsh as executive chairman and Maja Spalevic as CFO.
Canaccord Genuity Corp. and Citigroup Global Markets Canada Inc. are the underwriters for the IPO.