Mubadala Capital's SPAC Blue Whale Acquisition prices IPO at $10 per share | ZAWYA MENA Edition

Mubadala Capital's SPAC Blue Whale Acquisition prices IPO at $10 per share | ZAWYA MENA Edition

Blue Whale Acquisition I, a blank check company formed by Abu Dhabi’s Mubadala Capital targeting media and entertainment, announced the pricing of its initial public offering (IPO) of 20 million shares at $10 per unit on Wednesday.

The units will be listed on the Nasdaq Capital Market in the US and trade under the ticker symbol “BWCAU” beginning on August 4, 2021.

Blue Whale is sponsored by Mubadala Capital, the asset management subsidiary of Mubadala Investment Company, the Abu Dhabi-based sovereign investor with over $243 billion of assets under management.

Goldman Sachs & Co LLC and BofA Securities are acting as book-running managers in the offering. Blue Whale has granted the underwriters a 45-day option to purchase up to 3 million additional units at the initial public offering price to cover over-allotments, if any.

Blue Whale, a media and entertainment SPAC (special purpose acquisition company), is led by Maxime Franzetti, head of Public Equities and SPACs at Mubadala Capital, Adib Mattar, head of Private Equity at Mubadala Capital and Russ Pillar, senior advisor to Mubadala Capital.

Each unit offered for sale consists of one Class A ordinary share, and one-fourth of one warrant to purchase one Class A ordinary share, for $10.00 per unit.

In addition, MIC Capital Partners (Public) Parallel Cayman, LP, the direct parent of the sponsor, has agreed to enter into a forward purchase agreement that will provide for the purchase, at its discretion, of up to $50 million forward purchase units, each consisting of one Class A ordinary share, or a forward purchase share, and one-fourth of one warrant to purchase one Class A ordinary share, or a forward purchase warrant, for $10.00 per unit, in a private placement to close substantially concurrently with the closing of the initial business combination.

MIC Capital Partners has also committed to purchase 2 million units of the 20 million public shares sold in this offering at the offering price of $10 per unit.