NEW YORK, Nov. 26, 2019 -- PropTech Acquisition Corporation announced today that it closed its initial public offering of 17,250,000 units, including 2,250,000 units issued pursuant. Aside from the funding amount, Plentifics latest round is also noteworthy insofar as it included cross-border capital from Canadian real estate group Brookfield, as well as institutional capital from Mubadala (a UAE sovereign wealth fund). Leveraging its data capabilities, KE Holdings built a sizeable house listing and information sharing system in China, which provides online touch points and high-quality customer traffic. Being Europes earliest investor in PropTech, our portfolio companies have experienced various forms of capital raising and M&A events over the past 6 years. | Source: The deal with Proptech Acquisition Corp. closed Wednesday, after shareholders approved the transaction at a special meeting held virtually on Dec. 21. . Terms of Use. Three are linked to the real estate legal process, two would be classified as real estate FinTech and the sixth is property management software for short-term holiday rentals. Renaissance Capital for According to a statement released by the two companies in January of this year, the deal has an equity value of $1.56 billion, and Latch has received approximately $453 million in cash proceeds . BOA Acquisition, a blank check company targeting real estate technology, filed on Thursday with the SEC to raise up to $175 million in an initial public offering. This article is not investment advice and does not constitute any offer or solicitation to subscribe or redeem. Blockchain Moon Acquisition Corp. brought its $100 million IPO to the market Oct. 18, as the company pursues acquisition targets. My research is focused on identifying quality companies at a reasonable price, but Im wrong sometimes. The topics covered are very close to Pi Labs and our ecosystem. Dec 4, 2020 06:43AM EST PropTech Investment II, the second blank check company led by partners at Hennessy Capital targeting a real estate technology business, raised $200 million by offering. Cantor Fitzgerald & Co. acted as the sole book running manager for the offering. For more updates from the team and for a look into life at Pi Labs, follow us on Instagram and subscribe to our monthly newsletter. NEW YORK, Nov. 21, 2019 (GLOBE NEWSWIRE) -- PropTech Acquisition Corporation (the "Company") announced today that it priced its initial public offering of 15,000,000 units at $10.00 per. PR Newswire: TS Innovation Acquisitions Corp. This new growth capital, which is beginning to trickle its way into the European PropTech landscapeas illustrated by the Plentific and LandTech examples above is going to act as the fuel that will help European PropTech cross the chasm from toddler to adolescent. PropTech Acquisition Corp. (PTACU), announced the pricing of their $150 million SPAC IPO this evening. T: 310-954-9665 | January 4, 2023 The units. In particular, it sells virtual reality tour software, increased use of which, according to the company, has helped offset a loss of revenues from other sources brought on by the coronavirus pandemic this year. Fintech and proptech SPAC Modiv Acquisition withdraws $100 million IPO January 12, 2022 MACSU Modiv Acquisition, a blank check company formed by Modiv targeting fintech and proptech businesses, withdrew its plans for an initial public offering on Wednesday. MICROSOFT CORPORATION. In any event, while management may find an interesting merger target, the chances of success are difficult to determine. Founder shares are 20% of the total shares and consist of Class B shares. I have no business relationship with any company whose stock is mentioned in this article. Members of IPO Edge get the latest IPO research, news, and industry analysis. Ellenoff Grossman & Schole LLP and Graubard Miller, were Issuers Counsel and Underwriters Counsel, respectively. On November 26, 2019, PropTech Acquisition Corporation consummated its initial public offering of 17,250,000 units , including. The SPAC is the first vehicle by this executive group. - Chairman and CEO Heng Fai Ambrose Chan, who has extensive experience restructuring companies as CEO of Alset International Limited, an investment holding company. You should perform your own research for your particular financial situation before making any decisions. Also, in 2021, the real estate services firm estimated there were more than 6,000 Proptech or other real estate technology-related businesses worldwide. We create a better ecosystem for PropTech through education, collaboration and driving change. Please disable your ad-blocker and refresh. Shelter Acquisition, a blank check company targeting real estate technology or proptech, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. It was formed, like other special purpose acquisitions companies this year, to raise money in an IPO and . Management of ACAX doesn't have operating experience in the industry or previous SPAC experience, so my opinion on the SPAC is Neutral. The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The SPAC has 15 months to complete a merger (initial business combination). Ming Yuan Cloud has a market share of 18.5% in terms of revenue in 2019 (Frost & Sullivan). Get IPO Edge with actionable research on next-generation high growth stocks. PropTech Investment Corporation II (NASDAQ:PTICU) has completed an initial public offering (IPO) of 23,000,000 units at $10.00 per unit, including 3,000,000 Renaissance Capital is the global leader in providing pre-IPO institutional research and management of IPO-focused investment products. . If it does, then the Class B shares would be increased to retain the sponsor's 20% equity ownership position. Alset Capital Acquisition Corp. ( NASDAQ: ACAX) has raised $86.25 million from an IPO at a price of $10.00 per unit, according to the terms of its most recent S-1 regulatory filing. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The main drivers for this expected growth are an increase in desire by property owners to make their properties more desirable to tenants, increasing rent rates and future values accordingly. We at PropTech Institute believe there is immense potential with the PropTech sector. The IPOScoop.com staff does not issue advice, recommendations or opinions. Feb 4, 2021 5:30PM EST. Last week the Pi Labs team had the privilege of attending the UKs first face-to-face CRETech event since the pandemic. This story involves the dominant US-based workplace experience platform acquiring the dominant Europe-based platform to create a truly intercontinental product. PropTech Acquisition Corp. (PTACU), announced the pricing of their $150 million SPAC IPO this evening. Looking for more investing ideas like this one? More recently, TS Innovation Acquisitions Corp., closed a US$300 million IPO in November 2020. Led by a group of committed professionals that share a passion in technology and real estate, PropTech Institute is a platform connecting individuals, startups, corporates and institutions. Cody Slach Matt Glover (949) 574-3860 PTAC@gatewayir.com. Market Data copyright 2023 QuoteMedia. The IPO also provided for one warrant per share, exercisable at $11.50 per share on the later of 30 days after the completion of its initial business combination, and 12 months from the closing of the offering. In the case of this particular management group, there is potential upside from prior operating experience but the lack of SPAC vehicle track record gives me pause. I wrote this article myself, and it expresses my own opinions. Apart from her involvement at PropTech Institute, Alicia is also a corporate lawyer and was involved in a number of notable transactions in the real estate sector including the US$103bn merger and restructuring of Cheung Kong Holdings (HKSE: 00001) and Hutchison Whampoa Limited (one of the largest ever Hong Kong public M&A transactions) and the HK$21.5 billion privatisation of New World China Land by New World Development (HKSE: 00017). As a result, over the past two to three years, many promising PropTech companies have gone public to raise capital through . Renaissance Capital is the global leader in providing pre-IPO institutional research and management of IPO-focused investment products. While the Company may pursue an initial business combination target in any stage of its corporate evolution or in any industry or sector, it intends to focus its search on companies that provide technological innovation to the real estate industry, or PropTech. The lead executives of the SPAC have no obvious prior operating experience in real estate or proptech companies. Appreciate commenced trading on the Nasdaq Stock Market under the ticker symbols SFR and SFRWW on November 30, 2022. Ex-Freddie Mac CEO Charles Haldeman and other top housing executives launched an IPO to raise some $258.8 million for 1Sharpe Acquisition Corp. (Nasdaq:UNOOU), a SPAC focused on 'PropTech.' So, in a sense, investing in a SPAC can be likened to investing in a venture capital firm as a limited partner. NEW YORK-- ( BUSINESS WIRE )--Crown PropTech Acquisitions (the "Company") announced today that it priced its upsized initial public offering of 24,000,000 units at $10.00 per unit. Refresh the page, check Medium 's site status,. | Source: Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Companys registration statement and preliminary prospectus for the offering filed with the Securities and Exchange Commission (SEC). Since the transaction is still non-binding, the parties have kept the details to a minimum. The. Now we all know that valuations are never as linear as this, but, without being too imaginative, there is a clear direction of travel here. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Companys registration statement and prospectus for the offering filed with the Securities and Exchange Commission (SEC). 22/02 Rockend Technology Pty Ltd. completed the acquisition of PropTech Group Limited. Apart from her involvement at PropTech Institute, Alicia is also a corporate lawyer and was involved in a number of notable transactions in the real estate sector including. When conducting a search of M&A activity of companies which classify themselves as both real estate and technology, 2021 clearly emerged as a record year (see chart below). The . Investing in a SPAC before a proposed business combination is announced is essentially investing in the senior executives of the SPAC, their ability to create value and their previous SPAC track record of returns to shareholders. So, in a sense, investing in a SPAC can be likened to investing in a venture capital firm as a limited partner. No assurance can be given that the net proceeds of the offering will be used as indicated. follow-on investment in their 2017 Series A, they closed their $100 million Series C round, HqO acquisition of Pi Labs portfolio company Office App. The article PropTech-focused SPAC BOA Acquisition files for a $175 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Also, in 2021, the real estate services firm estimated there were more than 6,000 Proptech or other real estate technology-related businesses worldwide. As highlighted in this article, there are a number of front runners chartering ahead. In the company's IPO filing, it said it generated $77.6 million in 2019, up from $54.1 million a year prior. A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission on November 21, 2019. These symbols will be available throughout the site during your session. The SPAC has 18 months to complete a merger (initial business combination). My research is focused on identifying quality companies at a reasonable price, but Im wrong sometimes. PropTech Acquisition Corp. intends to focus on businesses that provide technological innovation to the real estate industry, or PropTech, and will be led by Thomas Hennessy, as Chairman of the Board, Co-ChiefExecutive Officer and President. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 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