Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
(Alliance News) Financials Acquisition Corp on Wednesday said it intends to list on the main market of the London Stock Exchange, and raise £150 million through the listing.
Financials Acquisition is a special purpose acquisition company focused on insurance technology. It will target a business combination with tech-enabled insurers that are approaching ‘sufficient scale and maturity’ to debut on public markets.
It said it will pay special attention to companies operating in the UK and across Europe.
Financial Acquisition will place 15.0 million shares at a price of £10.00 each, to raise a total of £150 million.
The SPAC is headed up by former Munich Re AG executive Andrew Rear as executive chair, and William Allen, a former managing director at investment banking firm Keefe, Bruyette & Woods Inc, as chief executive officer.
The listing is sponsored by Finsac LLP, a limited liability partnership founded by Allen and Rear. It is supported by certain institutional and strategic investors, as well as industry experts.
‘We are delighted to launch the first UK SPAC that will be focused on the rapidly growing Insurtech industry. Technology has transformed every facet of daily life and ambitious tech-enabled insurers are driving this growth as they disrupt traditional markets.
‘Much of this transformation currently stems from private investments and we believe now is the right time to bring these next-generation companies to the public market in London - the natural home of insurance,’ said Allen.
Copyright 2022 Alliance News Limited. All Rights Reserved.