(Reuters) – Pershing Square Tontine Holdings Ltd, the blank check company backed by billionaire investor Bill Ackman, has increased the size of its initial public offering by $1 billion to $4 billion, the largest ever IPO by a special-purpose acquisition firm.
The firm plans to go public with 200 million units at $20 each, according to a regulatory filing on Monday.
A SPAC uses IPO proceeds and borrowed funds to acquire a company, typically within two years. Investors are not notified in advance which company a SPAC will buy.
Ackman said here in the filing that the company will seek to acquire a venture capital-backed firm that he called a “mature unicorn” which has chosen to remain private.
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