The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Spacs speed up: NAAC brings the Pipe to the IPO

Anchor investors usually come into a Spac through a pre-merger Pipe deal. But the latest Europe-focused vehicle has brought them in from the very start.

Gary-Quin-naac-screen-new-york-960x535.png
NAAC's Gary Quin on a screen in New York

It has only been listed for a week, but North Atlantic Acquisition Corp (NAAC), a special purpose acquisition company (Spac) formed to hunt for targets within the next two years, has already been inundated with interest. Gary Quin, its chief executive, tells Euromoney that he’s fielding a wealth of inbound pitches for business combinations, many of which are from investment banks keen to line up an alternative option for clients already in their own IPO pipelines.

Having originally filed to raise $300 million, the NAAC Spac ended up being upsized to $379.5 million when it listed on Nasdaq on January 22. The structure is a typical one, with 37.95 million units priced at $10 each, comprising one Class A share and one third of a redeemable warrant that entitles holders to buy further shares at $11.50. The bookrunners were Wells Fargo and BTIG, a brokerage that grew out of Baypoint Trading, which was founded in 2002 by Scott Kovalik, a former head of equities at Bank of America.

NAAC’s


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree