Indianapolis-based Andretti Acquisition Corp. has begun its Initial Public Offering on the New York Stock Exchange. The company, led by former INDYCAR driver Michael Andretti, is looking to raise $200 million through the IPO.
The company will trade on the NYSE under the ticket symbol WWNR.U.
Andretti Acquisition Corp. is a special purpose acquisition company, or SPAC, that is also known as a “blank check” company. SPACs use the funds generated from IPOs to finance a merger or acquisition opportunity when it arises.
The company says it “seeks to focus on opportunities that can benefit from the iconic Andretti brand name, both inside and outside of the worldwide motor sports platform, and the expertise and ability of its management team to identify, acquire and grow a business in the broadly-defined automotive industry. This industry includes, but is not limited to, advanced mobility and related next-generation technologies, premium and performance vehicles and replacement automotive parts.”
Through the IPO, the company is offering 20 million units at a price of $10 per unit. Each unit consists of one Class A ordinary share and one-half of one redeemable public warrant. The company says each whole public warrant entitles the holder to purchase one Class A ordinary share at $11.50 per share.
The IPO is expected to close on Tuesday.