Sunday, April 11, 2021

Alpha Capital’s $ 230 million SPAC seeks next Brazilian tech

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Fever SPAC, the so-called “blank check” IPO, begins to spread in Brazil and impact the market. THE Alpha Capital concluded this Tuesday, 23, its initial public offering in the Nasdaq, raising 230 million dollars (about 1.250 billion reais, at the exchange rate of the day). It is the first SPAC aimed at the technology sector in the country.

The special purpose acquisition company (SPAC) that took the funds will use them within 24 months to invest in a technology company in Brazil or other countries in Latin America. With the merger or acquisition of the slice, this company will go public, with publicly traded in Nasdaq.

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“There is an entrepreneurial class in Brazil, which was born in the last six, seven years, incredible. Outside of Silicon Valley, one of the most important technology clusters for the next ten years will be in Brazil,” he said Alec Oxenford, CEO and chairman of Alpha Capital, at EXAME Invest. “It’s something we’re already seeing in IPOs in recent months.”

“It is a unique moment for the technology sector in the country. The planets are aligning themselves so that there is a revolution, but some companies still lack ‘late-stage financing’,” adds the experienced entrepreneur. This gap is filled, according to him, with SPACs, which represent financial technology for companies.

Rafael Steinhauser, President and Director of Alpha, explains that ‘late-stage capital’ is abundant in the American market, but scarce in Brazil and Latin America.

This happens, according to him, because the traditional initial public offerings of technology companies are concentrated in Brazil and reach the order of 100 million to 200 million dollars (550 million to 1.1 billion reais). He states that, in general, institutional investors in the region are not yet used to investing in large technology companies, with multiples of up to 20 or 30 times the Ebitda.

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