Apollo’s Affiliate SPAC Seeking to Raise $400 Million From its IPO

Apollo Strategic Growth Capital III, a Special Purpose Acquisition Company backed by investment manager firm Apollo Global Management Inc. (APO) is looking forward to raise $400 million from its initial public offering in the United Sates.

Citing a regulatory filing, Apollo Strategic is aiming to sell 40 million units comprising of warrants and shares. The company will be floating these units at $10 apiece.

The blank check company will get listed in the New York Stock Exchange under the ticker symbol ‘APGC.U’.

Apollo has been using its SPACs to raise hundreds of millions of dollars through merger deals with these blank check companies.

Companies going public through merger deals with SPACs is becoming very common as many companies are opting for this route rather than the traditional IPO. This trend seems to be increasing with each passing day.

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