Crown PropTech Acquisitions $276 million IPO
Davis Polk advised Crown PropTech Acquisitions on its $276 million initial public offering of 27,600,000 units. Each unit had an initial offering price of $10 and consists of one Class A ordinary share and one-third of one redeemable warrant. The units, the shares and the warrants are listed on the New York Stock Exchange. The units include 3,600,000 units purchased pursuant to a full exercise of the underwriters’ over-allotment option. RBC Capital Markets, LLC acted as the book-running manager for the offering.
The company is a newly incorporated special purpose acquisition company (SPAC) formed for the purpose of effecting an initial business combination, and intends to focus on businesses that provide technological innovation to the broader real estate ecosystem.
The Davis Polk capital markets team included partners Derek Dostal and Pedro J. Bermeo and associates Gil Savir, Daniel Chao and David Giron. The tax team included partner Mario J. Verdolini. The M&A team included partner Lee Hochbaum and associate Malik M. Khalil. Counsel Gregory D. Hughes provided executive compensation advice. Partner Michael J. Rishty provided real estate advice. Members of the Davis Polk team are based in the New York and Northern California offices.