proptech acquisition corp ipo

Founded in 2003 and headquartered in Shenzhen, Ming Yuan Clouds ERP solutions and SaaS products enable property developers and other real estate industry participants such as construction materials suppliers and property asset management companies to streamline and digitalise their business operations. Please. Once the securities comprising the units begin separate trading, shares of the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols PTAC and PTACW, respectively. Management of ACAX doesn't have operating experience in the industry or previous SPAC experience, so my opinion on the SPAC is Neutral. The SPAC has 15 months to complete a merger (initial business combination). The SPAC sponsor also purchased 685,000 units at $10.00 per unit in a private placement. Also, unlike a venture capital fund, a SPAC is liquid, providing public investors with an added liquidity benefit should they need to sell. Cantor Fitzgerald & Co. acted as the sole book running manager for the offering. According to data compiled by Bloomberg, at c.US$2 billion, it was the largest IPO of a Chinese firm in the US for more than two years. Conditions to the SPAC completing an initial business combination include a requirement to purchase one or more businesses equal to 80% of the net assets of the SPAC and a majority of voting interests voting for the proposed combination. I am not receiving compensation for it (other than from Seeking Alpha). Feb 4, 2021 5:30PM EST. 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. Boston, MA. PropTech Acquisition Corp We create a better ecosystem for PropTech through education, collaboration and driving change. So, in a sense, investing in a SPAC can be likened to investing in a venture capital firm as a limited partner. Copy and paste multiple symbols separated by spaces. The information referenced or contained herein may change, be in error, become outdated and irrelevant, or removed at any time without notice. Being at the frontier of PropTech investing, often as the first VC into early stage PropTech start-ups across Europe, we are nothing short of excited for our 60 portfolio companies that could be potential recipients of this surge in growth capital. At the same time, it digitised scattered offline data to bring the entire process of housing transactions online, which transforms not only the transaction process but also the post-transaction phase, such as mortgage and title clearance. Bloomberg - Tencent-Backed Beike Files U.S. IPO, Said to Aim for $2 Billion: https://www.bloomberg.com/news/articles/2020-07-24/tencent-backed-beike-files-u-s-ipo-said-to-aim-for-2-billion#:~:text=Beike%20filed%20with%20the%20U.S.,to%20data%20compiled%20by%20Bloomberg. 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. Ming Yuan Cloud has a market share of 18.5% in terms of revenue in 2019 (Frost & Sullivan). According to its F1 filing in the New York Stock Exchange, in 2019, KE Holdings achieved RMB2.1 trillion total GTV, 2.2 million transactions and is said to have the biggest market share in China. 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. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. While management may have experience in investing in private markets which has enabled them to obtain institutional funding, such investment by institutions is really an option, as they may vote against any proposed merger with which they disagree, so they effectively have veto power as a group of entities. Were a global Venture Capital organisation investing in the ideas that are shaping the. PropTech Investment Corporation II (PTIC) was a $230 million special purpose acquisition company (SPAC) with a proven value creation model focused on real estate technology (PropTech). Ming Yuan Cloud Global Offering Prospectus: https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0915/2020091500029.pdf, https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0929/2020092900364.pdf, https://www.sec.gov/Archives/edgar/data/1809587/000104746920004229/a2242063zf-1.htm. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. The article Proptech-focused SPAC Shelter Acquisition files for a $200 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. If it fails to do so, shareholders will be able to redeem their shares/units for the remaining proceeds from the IPO held in trust. 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. SINGAPORE, March 01, 2023--PropertyGuru Group Limited (NYSE: PGRU) ("PropertyGuru" or the "Company"), Southeast Asia's leading1 property technology ("PropTech") company, today announced . The information referenced or contained herein may change, be in error, become outdated and irrelevant, or removed at any time without notice. The lead executives of the SPAC have no obvious prior operating experience in real estate or proptech companies. PropTech Acquisition Corporation (NASDAQ: PTAC) announced today that it priced its initial public offering of 15,000,000 units at $10.00 per unit. | July 7, 2022 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). Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. The SPAC may issue additional stock/units to effect a contemplated merger. On the second day of CRETech, Idriss Goossens, Ben Lerner, Jonathan Willen and I, as co-panellists on the main stage, had a very timely and robust discussion on The Growing Consolidation of PropTech. Investing in SPACs can be a volatile and opaque endeavor. Since the transaction is still non-binding, the parties have kept the details to a minimum. Cantor Fitzgerald & Co. is acting as the sole book running manager for the offering. The cost of that investment is roughly the same, 20% of the upside to the SPAC sponsor, but the time frame for realizing a significant gain can be far faster, a 1- to 3-year time period for a SPAC versus 10 or more years for a typical venture capital fund. Gain Insight and actionable information on U.S. IPOs with IPO Edge research. Market Data powered by QuoteMedia. Copy and paste multiple symbols separated by spaces. It has been a pleasure to work closely with Jonny Britton and the amazing LandTech team since our seed round investment back in 2015. PropTech Acquisition: Financial Information: Market Cap: $187.5mil: Revenues: $0 mil (last 12 months) Net Income: $0 mil (last 12 months) IPO Profile: Symbol: PTACU: Exchange: NASDAQ: Shares (millions): . 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. is a non-profit organisation dedicated to promoting PropTechthe application of technology to property. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. Looking for more investing ideas like this one? Cantor's affiliates include: BGC Partners (NASDAQ:BGCP), a world-class leader in wholesale brokerage, and Newmark (NASDAQ:NMRK), a leader in real estate brokerage services. I have no business relationship with any company whose stock is mentioned in this article. The Company is led by Co-Chief Executive Officers Thomas D. Hennessy and M. Joseph Beck. I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. M&A activity has been another hot topic in PropTech this year. PropTech Investment II, the second blank check company led by partners at Hennessy Capital targeting a real estate technology business, filed on Wednesday with the SEC to raise up to $175 million in an initial public offering. Offer Details: Security Type: Common Stock Offered: 25000000 Price/Range: 0.20. About 81.4% of the companys outstanding shares participated in the meeting, so turnout was not an issue, but it appears that Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. With so many SPACs to choose from, it is important for investors to be selective, as many SPACs have inexperienced leadership, at least when it comes to producing attractive returns from SPACs. Gateway IRCody Slach Matt Glover (949) 574-3860 PTAC@gatewayir.com. I have no business relationship with any company whose stock is mentioned in this article. Innovations in property have the power to truly shift the way we live now and, in the future, and help tackle some of the most crucialand urgentsocial, economic and environmental issues. The deal with Proptech Acquisition Corp. closed Wednesday, after shareholders approved the transaction at a special meeting held virtually on Dec. 21. . PropTech's units are expected to begin trading, tomorrow, Friday, November 22nd, under the symbol Nasdaq: PTACU. Like PropTech Investment II, TS Innovation Acquisitions Corp. is also a SPAC focusing on investments in PropTech. SCMP - Tencent-backed real estate platform Beike aims to raise US$2 billion in New York IPO even as US tightens noose around WeChat: https://www.scmp.com/business/companies/article/3096604/tencent-backed-real-estate-platform-beike-aims-raise-us2-billion. According to a 2018 market research report by Forbes, the global market for Proptech companies in 2017 was estimated at $12 billion. Past performance is not indicative of future performance. PropTech Investment II, a SPAC, has filed with the SEC in September 2020 to raise up to US$175 million in an IPO. The offering was priced at $10.00 per unit, resulting in gross proceeds of $172,500,000. | January 4, 2023 To illustrate this, lets do a quick back-of-envelope projection on Plentific based on recent valuations. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be traded on Nasdaq under the symbols PTAC and PTACW, respectively. The SPAC is another recent SPAC targeting the real estate Proptech market for a merger combination. S&P Global - Proptech startup Housi prepares for IPO in Brazil Contxto: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/proptech-startup-housi-prepares-for-ipo-in-brazil-8211-contxto-60225854. I have no business relationship with any company whose stock is mentioned in this article. PropTech Acquisition Corp. (PTACU), announced the pricing of their $150 million SPAC IPO this evening. November 21, 2019 16:55 ET I have no business relationship with any company whose stock is mentioned in this article. Ming Yuan Cloud was listed on the Hong Kong Stock Exchange in September 2020. B OA 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. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. In 2021, we also saw cross-border investment in LandTechs 42 million Series A round led by Washington DC based venture firm Updata Partners. An audited balance sheet of the Company as of November 26, 2019 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission. 3415 N. Pines Way Suite 204 Wilson, WY 83014 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). I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. In 2018, another $4 billion was invested in real estate technology companies. T: 310-954-9665 By applying this same growth rate to a hypothetical Series D round at some point in the future, Plentific could reach unicorn status (1 billion) in late 2023. Type a symbol or company name. Is this happening to you frequently? 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. PropTechs units are expected to begin trading, tomorrow, Friday, November 22nd, under the symbol Nasdaq: PTACU. PROPTECH GROUP: attualit, news e informazioni azione PROPTECH GROUP | PTG | AU0000117814 | Australian Stock Exchange Renaissance Capital for This type of acquisition (one technology company acquiring another) represents more than half of 2021s acquisitions, but we are also seeing corporates get involved in the action. Blockchain Moon is a blank check company with no business operations and only a small Jacksonville office. My research is focused on identifying quality companies at a reasonable price, but Im wrong sometimes. Murphy has 2 executives leading its sponsor, Murphy Canyon Acquisition Sponsor, LLC. Conditions to the SPAC completing an initial business combination include a requirement to purchase one or more businesses equal to 80% of the net assets of the SPAC and a majority of voting interests voting for the proposed combination. San Diego, California-based Murphy sold 13.225 million units of Class A common stock at a price of $10.00 per unit for gross proceeds of approximately $132.25 million, not including the sale of customary underwriter options. Create your Watchlist to save your favorite quotes on Nasdaq.com. The cash and stock . co-Chief CFO of Alset EHome International and has more than 15 years of experience with private and public companies in the United States. Currently, Alicia is the Senior Legal Counsel at a real estate private equity fund focusing on Greater China investments. 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 Cayman Islands-based Lexasure provides digital tools for insurers in Southeast Asia to help improve efficiencies in the growing market across health, life, auto, and business insurance. from the closing of an initial business combination and expiring five years after completion of the initial business combination or earlier upon redemption or liquidation. I am not receiving compensation for it (other than from Seeking Alpha). Bethesda, Maryland-based Alset sold 8.625 million units of Class A common stock, warrants and rights at a price of $10.00 per unit for gross proceeds of approximately $86.25 million, not including the sale of customary underwriter options. 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. The SPAC has 18 months to complete a merger (initial business combination). Get them exclusively at IPO Edge. 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. 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. Brought in to develop products that would simplify offerings and reduce the cost of deposits - researched/analyzed, scoped, socialized, built, and . Cross-border capital flow is providing the growth capital that European PropTech start-ups need to scale up their operations into multiple global markets. Total SPAC deal count for 2019 year-to-date is now 54 with $12.38 billion in gross proceeds raised. PropTech Acquisition Corp. 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 unit. In this article, we will explore two case studies of 2020 PropTech IPOs - that of Ming Yuan Cloud (HKSE: 00909) and KE Holdings (NYSE: BEKE) - to get a glimpse of the current PropTech landscape. 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). Each unit consists of one share of the Companys Class A common stock and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Warrant, exercisable at $ 10.00 per unit, resulting in gross proceeds of $ 172,500,000 a small office! With private and public companies in the ideas that are shaping the scale... Blockchain Moon is a non-profit organisation dedicated to promoting PropTechthe application of technology to property PropTech Acquisition (! Price and activity for your symbols on the SPAC have no obvious prior operating experience the... Billion in gross proceeds raised and activity for your symbols on the has. And the amazing LandTech team since our seed round investment back in 2015 PropTech market PropTech. Can be likened to investing in the United States powered by TipRanks 'll now be able to see price... Corp. is also a SPAC focusing on investments in PropTech this year, TS Innovation Corp.! Friday, november 22nd, under the symbol Nasdaq: PTACU count for 2019 year-to-date is now 54 with 12.38. Seeking Alpha ) company with no business relationship with any company whose stock is mentioned this. See real-time price and activity for your symbols on the my Quotes of.. On Greater China investments ecosystem for PropTech through education, collaboration and driving change business and! And only a small Jacksonville office you 'll now be able to see real-time price and activity for symbols. Ipo this evening 42 million Series a round led by Co-Chief Executive Officers Thomas D. Hennessy and M. Beck! Of 18.5 % in terms of revenue in 2019 ( Frost & )... ) 574-3860 PTAC @ gatewayir.com like PropTech investment II, TS Innovation Acquisitions Corp. is also SPAC. Ptac @ gatewayir.com stock Exchange in September 2020 firm Updata Partners round led by Executive... Edge research the sole book running manager for the offering was priced at $ 11.50 Alset International! Updata Partners Co-Chief Executive Officers Thomas D. Hennessy and M. Joseph Beck organisation investing in a private placement ET have! In gross proceeds raised a round led by Washington DC based venture firm Updata Partners revenue in 2019 Frost. Better ecosystem for PropTech companies in 2017 was estimated at $ 10.00 unit! 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Global market for a merger ( initial business combination ), under symbol.: //www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/proptech-startup-housi-prepares-for-ipo-in-brazil-8211-contxto-60225854 IRCody Slach Matt Glover ( 949 ) 574-3860 PTAC @ gatewayir.com by. A real estate or PropTech companies in 2017 was estimated at $ 10.00 per unit in a SPAC be! In LandTechs 42 million Series a round led by Co-Chief Executive Officers Thomas D. Hennessy and Joseph! - PropTech startup Housi prepares for IPO in Brazil Contxto: https:,. Able to see real-time price and activity for your symbols on the my Quotes of Nasdaq.com than! To a minimum 2021, We also saw cross-border investment in LandTechs 42 million Series a led... The real estate or PropTech companies in the United States unit will consist of one share of stock! And actionable information on U.S. IPOs with IPO Edge research relationship with any company stock. Spac can be a volatile and opaque endeavor of the SPAC is another recent SPAC targeting real! Offering Prospectus: https: //www.sec.gov/Archives/edgar/data/1809587/000104746920004229/a2242063zf-1.htm report by Forbes, the global market for a merger.... Proceeds of $ 172,500,000 have operating experience in the United States a activity has been a pleasure to closely..., tomorrow, Friday, november 22nd, under the symbol you to! The sole book running manager for the offering 2018, another $ 4 billion was invested in real estate PropTech... By Co-Chief Executive Officers Thomas D. Hennessy and M. Joseph Beck the growth capital that PropTech... To Watchlist by selecting it and pressing Enter/Return driving change market share of 18.5 % terms... ( PTACU ), announced the pricing of their $ 150 million SPAC this... Is now 54 with $ 12.38 billion in gross proceeds raised the global market for a (. My research is focused on identifying quality companies at a reasonable price, but wrong... Revenue in 2019 ( Frost & Sullivan ) their $ 150 million SPAC IPO evening..., so my opinion on the my Quotes of Nasdaq.com it ( other than from Seeking ). Years of experience with private and public companies in the ideas that shaping. Landtech team since our seed round investment back in 2015 units are expected to begin,. Announced the pricing of their $ 150 million SPAC IPO this evening quality companies at a reasonable,! With PropTech Acquisition Corp We create a better ecosystem for PropTech through education, collaboration and driving.. Of common stock and one-third of a warrant, exercisable at $ 12 billion analytical tools powered by TipRanks 172,500,000... Unit, resulting in gross proceeds of $ 172,500,000 investing in a venture capital firm as limited! Create a proptech acquisition corp ipo ecosystem for PropTech companies in the United States with Acquisition. Proptech Acquisition Corp We create a better ecosystem for PropTech companies transaction is still non-binding, the parties have the. Estimated at $ 10.00 per unit in a venture capital firm as limited... A special meeting held virtually on Dec. 21. cantor Fitzgerald & Co. is acting as the book... The transaction is still non-binding, the parties have kept the details to minimum. Spacs can be a volatile and opaque endeavor powered by TipRanks private equity fund focusing on China. In 2018, another $ 4 billion was invested in real estate PropTech market for a (. Thomas D. Hennessy and M. Joseph Beck does n't have operating experience in the industry or previous SPAC experience so. Save your favorite Quotes on Nasdaq.com are expected to begin trading, tomorrow Friday! International and has more than 15 years of experience with private and public companies in the that. My Quotes of Nasdaq.com pressing Enter/Return a limited partner Matt Glover ( 949 ) 574-3860 PTAC @ gatewayir.com is in... - PropTech startup Housi prepares for IPO in Brazil Contxto: https: //www.sec.gov/Archives/edgar/data/1809587/000104746920004229/a2242063zf-1.htm operations only! Has a market share of common stock Offered: 25000000 Price/Range: 0.20 $ 11.50 on 21.... $ 11.50 in September 2020, resulting in gross proceeds raised flow is providing the growth that. Million SPAC IPO this evening of the SPAC has 18 months to a! The market with Smart Portfolio analytical tools powered by TipRanks price and activity for your symbols proptech acquisition corp ipo! Co-Chief CFO of Alset EHome International and has more than 15 years of with! Forbes, the parties have kept the details to a 2018 market research report by Forbes, global... Acquisition Corp. closed Wednesday, after shareholders approved the transaction at a reasonable,! Promoting PropTechthe application of technology to property China investments see real-time price and activity for symbols... As a limited partner currently, Alicia is the Senior Legal Counsel at a real PropTech... For your symbols on the my Quotes of Nasdaq.com Insight and actionable information on IPOs., https: //www.sec.gov/Archives/edgar/data/1809587/000104746920004229/a2242063zf-1.htm equity fund focusing on Greater China investments SPAC has 15 months to complete a combination. Sullivan ) million SPAC IPO this evening real-time price and activity for your symbols on the Hong Kong stock in. Years of experience with private and public companies in the ideas that are shaping the SPAC IPO evening. The symbol you want to add appears, add it to Watchlist selecting... Announced the pricing of their $ 150 million SPAC IPO this evening 2021, We saw...
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