Lakestar Gains in Largest Europe Tech-Focused Blank-Check Debut
- SPAC raised $333 million by selling 27.5 million units in IPO
- Each unit consists of one share and one third of a warrant
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Lakestar SPAC I SE, which is backed by an early investor in Spotify Technology SA, rose as it started trading in Frankfurt after raising 275 million euros ($333 million) in Europe’s largest-ever listing of a blank-check company focused on technology acquisitions.
The shares traded at 11.34 euros at 09:41 a.m. on the Frankfurt Stock Exchange, compared with the issue price of 10 euros per unit. It sold 27.5 million units, each consisting of one share and one third of a warrant, according to a statement Friday. The warrants trade separately.