Galata Acquisition priced its IPO of 12.5 million units, which begin trading today on the NYSE under GLTA.U.
Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with whole warrants exercisable at $11.50 for a share. Once the securities comprising the units begin separate trading, shares and warrants are expected to list under GLTA and GLTAWS.
The new SPAC plans to focus on technology-enabled financial services businesses in emerging markets, especially companies engaged in insurance, reinsurance and insurance services, asset management, retail or investment banking, and merchant acquisition and payment processing.
Galata is led by CEO and Director Kemal Kaya, a prominent figure in Turkish banking. Since 2008, Kemal has served as a senior advisor to The Blackstone Group.
B. Riley is sole book-running manager of the offering. The underwriters have been granted a 45-day option to purchase up to an additional 1.875 million units at the IPO price to cover over-allotments, if any.
The offering is expected to close July 13.
