Corsair Partnering priced its IPO of 25 million units at $10 each, down 29 percent from the 35 million units initially registered in March.
Units begin trading today on the NYSE under CORS.U. Each consists of one Class A ordinary share and one-third of one redeemable warrant; whole warrants exercisable at $11.50. Once the securities comprising the units begin separate trading, shares and warrants are expected to list under CORS and CORS WS.
The new SPAC intends to target high-growth, asset-light businesses that operate at the crossroads of technology transformation and financial services complexity.
Corsair Partnering is led by CEO and Chairman D.T. Ignacio Jayanti, who joined Corsair Capital in 1993. Corsair Capital was spun off from J.P. Morgan Chase in 2006.
Evercore and BofA Securities are joint book-running managers of the offering. The underwriters have a 45-day option to purchase up to an additional 3.75 million units to cover any over-allotments.
The offering is expected to close July 6. Read more.