My research is focused on identifying quality companies at a reasonable price, but Im wrong sometimes. 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. Also, in 2021, the real estate services firm estimated there were more than 6,000 Proptech or other real estate technology-related businesses worldwide. The SPAC may issue additional stock/units to effect a contemplated merger. 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. Also, they have no prior SPAC experience, so their lack of a successful track record in these regards is notable. Founder & CEO of Pi Labs | VC Investor | Entrepreneur | Property + Technology | Investor in Hubble, Trussle, LandTech, 90 North Group & more. PROPTECH GROUP: attualit, news e informazioni azione PROPTECH GROUP | PTG | AU0000117814 | Australian Stock Exchange On November 26, 2019, PropTech Acquisition Corporation consummated its initial public offering of 17,250,000 units , including. The offering was priced at $10.00 per unit, resulting in gross proceeds of $172,500,000. 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. 3415 N. Pines Way Suite 204 Wilson, WY 83014 from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SPAC is the first vehicle by this executive group. 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. 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. Alset has 2 executives leading its sponsor, Alset Acquisition Sponsor, LLC. BOA 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. | Source: The offering was made only by means of a prospectus. Management doesn't have an operating track record or previous experience with SPACs, so I'm on Hold on ACAX. 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. Notably, if management sells additional Class A shares to effect a transaction and the sale price of those shares is less than $9.20 per Class A share, 'then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below under "Redemption of warrants" will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price.' Ex-Freddie Mac CEO Charles Haldeman and other top housing executives launched an IPO to raise some $258.8 million for 1Sharpe Acquisition Corp. (Nasdaq:UNOOU), a SPAC focused on 'PropTech.' I have no business relationship with any company whose stock is mentioned in this article. As highlighted in this article, there are a number of front runners chartering ahead. The units will be listed on the Nasdaq Capital Market (Nasdaq) and will begin trading tomorrow, Friday, November 22, 2019, under the ticker symbol PTACU. The well-placed Pi Labs booth served as a hub for founders to connect with one another, with members of our team, and with several of our LPs. 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. PropTech - which stands for property technology - may be an unfamiliar term for some. The offering is expected to close on Tuesday, November 26, 2019. We create a better ecosystem for PropTech through education, collaboration and driving change. The SPAC (Special Purpose Acquisition Company) intends to pursue a merger with a company in the sectors of real estate or 'Proptech' industries with their primary business operations outside of China. The Companys units are listed on the Nasdaq Capital Market (Nasdaq) and commenced trading under the ticker symbol PTACU on November 22, 2019. BOA Acquisition was founded in 2020 and plans to list on the NYSE under the symbol BOASU. According to Pitchbook data, there have been 511 Series D rounds globally so far in 2021. The topics covered are very close to Pi Labs and our ecosystem. Terms of Use. I'm the founder of IPO Edge on Seeking Alpha, a research service for investors interested in IPOs on US markets. I'm the founder of IPO Edge on Seeking Alpha, a research service for investors interested in IPOs on US markets. In order to help you master the concept of PropTech, well be posting high-quality and value-adding content on a regular basis. Entry into a Material Definitive Agreement. Only whole warrants are exercisable and will trade. SPAC investing is subject to potential volatility and risk of loss. The information referenced or contained herein may change, be in error, become outdated and irrelevant, or removed at any time without notice. You should perform your own research for your particular financial situation before making any decisions. The Wilson, NY-based company plans to raise $175 million by offering 17.5 million units at a price of $10. The units will be listed on the Nasdaq. Investor Presentation Investor Day Webcast, PropTech Investment Corporation II This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 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. Gain Insight and actionable information on U.S. IPOs with IPO Edge research. Looking for more investing ideas like this one? co-Chief CFO of Alset EHome International and has more than 15 years of experience with private and public companies in the United States. AEC contend that Altimar Acquisition Corp. III (NYSE:ATAQ) announced in an 8-K this afternoon that it adjourned its extension vote today without concluding any business and will reconvene the special meeting at 12:30 pm ET March 3. It has been a pleasure to work closely with Jonny Britton and the amazing LandTech team since our seed round investment back in 2015. 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. Total SPAC deal count for 2019 year-to-date is now 54 with $12.38 billion in gross proceeds raised. 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. In particular, it sells virtual reality tour software, increased use of which, according to the company, has helped offset a loss of revenues from other sources brought on by the coronavirus pandemic this year. Please. . Disclosure: Nobody on theIPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. Refresh the page, check Medium 's site status,. 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. Proptech-focused SPAC Shelter Acquisition files for a $200 million IPO, Renaissance International ETF (symbol: IPOS), Do Not Sell My Personal Information (CA Residents Only). PropTech Investment II, a SPAC, has filed with the SEC in September 2020 to raise up to US$175 million in an IPO. While the Company may pursue an initial business combination target in any stage of its corporate evolution or in any industry or sector, it intends to focus its search on companies that provide technological innovation to the real estate industry, or PropTech. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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): . BTIG is the sole bookrunner on the deal. The SPAC sponsor also purchased 440,000 units at $10.00 per unit in a private placement. Other than Ming Yuan Cloud and KE Holdings, another interesting development is in SPAC (Special Purpose Acquisition Companies) listings. Citi and Wells Fargo Securities are the joint bookrunners on the deal. 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. PropTech Institute is a non-profit organisation dedicated to promoting PropTechthe application of technology to property. The cash and stock . Written by Start with a 14-day Free Trial. The SPAC . Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. However, the team does not have prior SPAC experience, so has not demonstrated a track record of attractive returns via a SPAC vehicle. Northland Securities, Inc. acted as co-manager for the offering. Renaissance Capital->. So, in a sense, investing in a SPAC can be likened to investing in a venture capital firm as a limited partner. The article PropTech-focused SPAC BOA Acquisition files for a $175 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. 20/02 Real Estate & Construction News Round-Up (02/15/23) - Proptech Solutions, Supply .. 10/02 Australian . 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. Closes $300 Million Initial Public Offering: https://www.prnewswire.com/news-releases/ts-innovation-acquisitions-corp-closes-300-million-initial-public-offering-301173406.html. In order to help you master the concept of PropTech, well be posting high-quality and value-adding content on a regular basis. Written by Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). Mr. Hennessy will be joined by M. Joseph Beck, as Co-ChiefExecutive Officer, Chief Financial Officer and Director. 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. The . Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $172,500,000 (or $10.00 per unit sold in the public offering) was placed in trust. 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. The units. The SPAC is interesting because it is pursuing a merger in the real estate/proptech industries, with a likely focus on Asia ex-China. 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. Doodlin, a South Korean startup that operates Greeting, a recruitment management solution for enterprises, announced on Feb. 15 that it has raised KRW 10.6 billion in funding.This comes 14 months after the company raised KRW 4.3 billion in Series A funding in 2021. Since the transaction is still non-binding, the parties have kept the details to a minimum. Acquisitions, IPOs, and the evolution of PropTech | by Faisal Butt | Pi Labs Insights | Medium 500 Apologies, but something went wrong on our end. 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. Management of ACAX doesn't have operating experience in the industry or previous SPAC experience, so my opinion on the SPAC is Neutral. Pi Labs is proud to have invested follow-on capital during this round. 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). Only whole warrants will trade and are exercisable. PropTechs units are expected to begin trading, tomorrow, Friday, November 22nd, under the symbol Nasdaq: PTACU. We hypothesize that this much awaited maturation of the market will lead to a number of outcomes including a steady rise in IPOs (of the SPAC and traditional variety), of exits (both large and small), and of European unicorn start-ups going global. Please disable your ad-blocker and refresh. 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. - Chief Financial Officer Rongguo Wei, who is co-Chief CFO of Alset EHome International and has more than 15 years of experience with private and public companies in the United States. Is this happening to you frequently? Currently, Alicia is the Senior Legal Counsel at a real estate private equity fund focusing on Greater China investments. Across the globe, PropTech startups and investors are sprinting ahead for growth. The Company is led by Co-Chief Executive Officers Thomas D. Hennessy and M. Joseph Beck. 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. 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. 193 of them have been software companies and six of those were PropTech. 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. Members of IPO Edge get the latest IPO research, news, and industry analysis. In the company's IPO filing, it said it generated $77.6 million in 2019, up from $54.1 million a year prior. 2023227 Nuvini S.A.Nuvini Holdings Limited Mercato Partners Acquisition Corporation(Nasdaq: MPRA) "Nuvini""NVNI" " . You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. These symbols will be available throughout the site during your session. | Source: 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. 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%. 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. The SPAC sponsor also purchased 685,000 units at $10.00 per unit in a private placement. Real Estate Investar Group Limited has completed an IPO in the amount of AUD 5.00 million. Founder shares are 20% of the total shares and consist of Class B shares. The SCOOP Rating does not . Investing in SPACs can be a volatile and opaque endeavor. 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). 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. Market Data copyright 2023 QuoteMedia. 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. Cross-border capital flow is providing the growth capital that European PropTech start-ups need to scale up their operations into multiple global markets. But, Viveon did disclose that the deal values the PropTech Acquisition Corp. (PTACU) Prices $150M SPAC IPO, Sagaliam Acquisition Corp. (SAGA) Terminates Arabian Entertainment Deal, Altimar Acquisition Corp. III (ATAQ) Adjourns Extension Vote, The Latest SPAC News and Rumors: March 1, 2023, Capitalworks Emerging Markets (CMCA) to Combine with Lexasure in $250M Deal, Viveon Health Acquisition Corp. (VHAQ) Announces LOI. AMAZON.COM, INC. APPLE INC. TESLA, INC. META PLATFORMS, INC. NVIDIA CORPORATION. Gain Insight and actionable information on U.S. IPOs with IPO Edge research. I have no business relationship with any company whose stock is mentioned in this article. In 2021, we also saw cross-border investment in LandTechs 42 million Series A round led by Washington DC based venture firm Updata Partners. While we may pursue an initial business combination target in any stage of its corporate evolution or in any industry or sector, we currently intend to concentrate our efforts in identifying businesses that provide technological innovation to the real estate industry, or PropTech. NEW YORK, Nov. 26, 2019 (GLOBE NEWSWIRE) -- PropTech Acquisition Corporation (NASDAQ: PTACU) (the "Company") announced today that it closed its initial public offering of 17,250,000. Last week the Pi Labs team had the privilege of attending the UKs first face-to-face CRETech event since the pandemic. 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. 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. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. 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. The SCOOP ratings should not be taken as investment advice. 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. Market Data powered by QuoteMedia. contact@proptechinvestmentcorp.com, Gateway IR Cody Slach T: 949-574-3860 PTIC@gatewayir.com. While MURF management has extensive industry experience, they don't have a previous SPAC track record, so I'm on Hold for the SPAC. 22/02 Rockend Technology Pty Ltd. completed the acquisition of PropTech Group Limited. Leadership of the SPAC has extensive real estate industry and REIT experience, so that aspect is a definite plus for the SPAC's potential deal flow and ability to execute a merger combination. This story involves the dominant US-based workplace experience platform acquiring the dominant Europe-based platform to create a truly intercontinental product. JLL, for example, have made two noteworthy PropTech acquisitions this year (Building Engines for $300 million and Skyline AI for an undisclosed figure). 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. PropTech Acquisition Corp. (PTACU), announced the pricing of their $150 million SPAC IPO this evening. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. Looking for more investing ideas like this one? 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