Stay tuned and watch this space! 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. 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). Founders from the Pi Labs ecosystem gathered from all parts of the UK, elsewhere in Europe, as well as several from as far as Israel. If it does, then the Class B shares would be increased to retain the sponsor's 20% equity ownership position. | January 4, 2023 Additional disclosure: This report is intended for educational purposes only and is not financial, legal or investment advice. 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. Rockend Technology Pty Ltd. completed the . 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. It is headquartered in Beijing and was listed on the New York Stock Exchange in August 2020. 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. 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. Renaissance Capital->. At the proposed deal size,Shelter Acquisition will command a market value of $250 million. Being Europes earliest investor in PropTech, our portfolio companies have experienced various forms of capital raising and M&A events over the past 6 years. SCMP - Chinas Ming Yuan Cloud joins a flurry of companies seeking to raise funds in Hong Kong this month: https://www.scmp.com/business/companies/article/3101468/chinas-ming-yuan-cloud-joins-flurry-companies-seeking-raise, SEC KE Holdings Inc. Form F-1: https://www.sec.gov/Archives/edgar/data/1809587/000104746920004229/a2242063zf-1.htm. Written by The Wilson, NY-based company plans to raise $175 million by offering 17.5 million units at a price of $10. We at PropTech Institute believe there is immense potential with the PropTech sector. In the case of this particular management group, there is potential upside from prior operating experience but the lack of SPAC vehicle track record gives me pause. Looking for more investing ideas like this one? The SPAC has 15 months to complete a merger (initial business combination). Alicia is the President and Co-Founder of PropTech Institute. Please disable your ad-blocker and refresh. The . Management doesn't have an operating track record or previous experience with SPACs, so I'm on Hold on ACAX. Renaissance Capital is the global leader in providing pre-IPO institutional research and management of IPO-focused investment products. The offering is expected to close on Tuesday, November 26, 2019. The units. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned. The deal with Proptech Acquisition Corp. closed Wednesday, after shareholders approved the transaction at a special meeting held virtually on Dec. 21. . Feb 4, 2021 5:30PM EST. Founder shares are 20% of the total shares and consist of Class B shares. 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. Cantor Fitzgerald & Co. Inc., acted as sole book-running manager for the offering. 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. Murphy Canyon Acquisition Corp. (NASDAQ:MURF) has raised $132.25 million from an IPO at a price of $10.00 per unit, according to the terms of its most recent S-1/A regulatory filing. It also speaks directly to the CRETech panel discussion. Renaissance Capital is the global leader in providing pre-IPO institutional research and management of IPO-focused investment products. 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 SPAC may issue additional stock/units to effect a contemplated merger. I have no business relationship with any company whose stock is mentioned in this article. I wrote this article myself, and it expresses my own opinions. Investment involves risk. Written by . In the near-term future, we expect more and more companies to undergo later-stage funding rounds and M&A activity to join the likes of AirBNB, Zoopla, Causeway, and Purple Bricks as PropTech unicorns and/or listed companies. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,250,000 units at the initial public offering price to cover over-allotments, if any. Founder shares are 20% of the total shares and consist of Class B shares. But its losses also widened, to $103 million in 2019 from $49.9 million in 2018. Shelter Acquisitionintends to concentrate on identifying businesses that provide technologically innovative solutions to the real estate industry, broadly defined as proptech. 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. A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission on November 21, 2019. BTIG is the sole bookrunner on the deal. So, in a sense, investing in a SPAC can be likened to investing in a venture capital firm as a limited partner. Please. 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 have no business relationship with any company whose stock is mentioned in this article. When it comes to the evolution of PropTech, my first thought relates to the recent surge in growth capital available to the best-performing European PropTech start-ups. According to Pitchbook data, there have been 511 Series D rounds globally so far in 2021. 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. So, my outlook on MURF is a Hold as I believe investors in SPACs need to be ultra-choosy and focus on those SPACs with great management teams and a history of positive returns to investors. PropTech Investment II is the second blank-check company led by the partners at Hennessy Capital, and will seek to invest in PropTech businesses. Cross-border capital flow is providing the growth capital that European PropTech start-ups need to scale up their operations into multiple global markets. Retail investors are really just 'along for the ride,' with little influence on the ultimate outcome of a proposed merger. from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. Terms of Use. My outlook on MURF is a Hold as I believe investors in SPACs need to be extra-choosy and focus on those SPACs with great management teams and a history of positive returns to investors. Led by a group of committed professionals that share a passion in technology and real estate, PropTech Institute is a platform connecting individuals, startups, corporates and institutions. Management of ACAX doesn't have operating experience in the industry or previous SPAC experience, so my opinion on the SPAC is Neutral. Cody Slach Matt Glover (949) 574-3860 PTAC@gatewayir.com. Total SPAC deal count for 2019 year-to-date is now 54 with $12.38 billion in gross proceeds raised. PropTech is not as nascent as some may think. These symbols will be available throughout the site during your session. Proptech-focused SPAC Shelter Acquisition files for a $200 million IPO February 17, 2021 Shelter Acquisition, a blank check company targeting real estate technology or proptech, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering. Investor Presentation Investor Day Webcast, PropTech Investment Corporation II Type a symbol or company name. Use tab to navigate through the menu items. Mr. Hennessy will be joined by M. Joseph Beck, as Co-ChiefExecutive Officer, Chief Financial Officer and Director. These six companies have a few things in common. Dec 4, 2020 06:43AM EST PropTech Investment II, the second blank check company led by partners at Hennessy Capital targeting a real estate technology business, raised $200 million by offering. Currently, Alicia is the Senior Legal Counsel at a real estate private equity fund focusing on Greater China investments. Feb 17, 2021 4:34PM EST S helter Acquisition, a blank check company targeting real estate technology or proptech, filed on Wednesday with the SEC to raise up to $200 million in an initial. - Chief Financial Officer, Adam Sragovicz, who has been the Chief Financial Officer of Presidio Property Trust and has extensive capital markets, finance and treasury management experience. So, in a sense, investing in a SPAC can be likened to investing in a venture capital firm as a limited partner. Get IPO Edge with actionable research on next-generation high growth stocks. NEW YORK-- ( BUSINESS WIRE )--Crown PropTech Acquisitions (the "Company") announced today that it priced its upsized initial public offering of 24,000,000 units at $10.00 per unit. However, the team does not have prior SPAC experience, so has not demonstrated a track record of attractive returns via a SPAC vehicle. Transaction Overview Capitalworks has Viveon Health Acquisition Corp.(NYSE American: VHAQ)announced that it has signed a letter of intent (LOI) to combine with a platform focusing on cognitive care for the elderly and those withspecial needs. 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. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Were a global Venture Capital organisation investing in the ideas that are shaping the. Other than SPACs, PropTech startup Housi, is reported to be preparing for an IPO on the Brazilian stock exchange. These symbols will be available throughout the site during your session. The Company is led by Co-Chief Executive Officers Thomas D. Hennessy and M. Joseph Beck. The SPAC seeks to merge with a company in the real estate Proptech industry. | Source: This year, they closed their $100 million Series C round. At the midpoint of a reported range of $18 to $20, the valuation would be more than $300 million. Type a symbol or company name. Intercontinental Exchange, the owner of the New York Stock Exchange, has agreed to acquire mortgage data firm Black Knight for $13.1 billion, the companies announced Wednesday. 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. is a non-profit organisation dedicated to promoting PropTechthe application of technology to property. SPAC investing is subject to potential volatility and risk of loss. Start with a 14-day Free Trial. With data drawn from Pitchbook, we can calculate that in the 693 days between their Series B and Series C announcements, Plentifics valuation increased at an average daily rate of 0.175%. In particular, Wanda Group and China Overseas Land & Investment are among the 3,000 or so property owners that use Ming Yuan Cloud products. Is this happening to you frequently? Shelter Acquisitionwas founded in 2020 and plans to list on the Nasdaq under the symbol SHQAU. 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. Investing in SPACs can be a volatile and opaque endeavor. PropTech Acquisition, a blank check company led by partners at Hennessy Capital targeting a real estate technology business, raised $150 million by offering 15 million units at $10, as. I'm the founder of IPO Edge on Seeking Alpha, a research service for investors interested in IPOs on US markets. MICROSOFT CORPORATION. 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. I wrote this article myself, and it expresses my own opinions. 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. The SPAC has 18 months to complete a merger (initial business combination). Past performance is not indicative of future performance. Copies of the prospectus may be obtained, when available, from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022; Email:prospectus@cantor.com. Market Watch - A Chinese IPO just raised more than $2 billion amid tensions between U.S., China: https://www.marketwatch.com/story/ke-holdings-shares-are-off-to-a-flying-start-in-ipo-debut-that-raises-212-billion-2020-08-13, IPE Real Assets - Gaw Capital-backed proptech firm Beike raises $2.44bn in New York IPO, https://realassets.ipe.com/news/gaw-capital-backed-proptech-firm-beike-raises-244bn-in-new-york-ipo/10047279.article. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums), is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The Quogue, NY-based company plans to raise $200 million by offering 20 million units at $10. This is European PropTechs largest full-equity VC round to date, rivalled only by debt financing, IPO, and post-IPO activity in the sector. Murphy Canyon Acquisition Corp. ( NASDAQ: MURF) has raised $132.25 million from an IPO at a price of $10.00 per unit, according to the terms of its most recent S-1/A regulatory filing. Also, they have no prior SPAC experience, so their lack of a successful track record in these regards is notable. The company filed confidentially on January 8, 2021. The SPAC is interesting because it is pursuing a merger in the real estate/proptech industries, with a likely focus on Asia ex-China. 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. Now we all know that valuations are never as linear as this, but, without being too imaginative, there is a clear direction of travel here. If you have an ad-blocker enabled you may be blocked from proceeding. A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission on November 21, 2019. Pi Labs is proud to have invested follow-on capital during this round. You should perform your own research for your particular financial situation before making any decisions. 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. 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