London ‘blank check’ infra fund files for $200m Nasdaq IPO

Speaking to The Tech Capital, Chairman Guy Willner and CEO Karen Bach explain the idea behind IX Acquisition Corp. as well as what happens next for the newest digital infrastructure SPAC in town.

By João Marques Lima

Founder and Editor, The Tech Capital

3 Mins

October 07, 2021 | 2:50 PM BST

A group of 16 digital infrastructure executives has come together to launch a new special purpose acquisition company (SPAC) whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganisation or similar business combination with one or more businesses.

London-headquartered IX Acquisition Corp., led by CEO Karen Bach, CFO Noah Aptekar and Executive Chairman Guy Willner, has priced its initial public offering of 20,000,000 units at a price of US$10.00 per unit, resulting in a $200 million funding round, plus a $30 million greenshoe to close on October 12, 2021.

The units will be listed on the Nasdaq Stock Market LLC and trade under the ticker symbol “IXAQU” beginning on October 7, 2021.

Each unit consists of one share of Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A ordinary shares at a price of $11.50 per share.

After the securities comprising the units begin separate trading, the shares of Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “IXAQ” and “IXAQW,” respectively.

The offering is expected to close on Tuesday next week, subject to customary closing conditions.

The “blank check company” has been set up with the intend to focus its search on companies in the Technology, Media and Telecommunications and Information and Communication Technology industries, specifically the telecommunications infrastructure, internet and technology and digital services sectors operating in Europe and emerging markets.

Cantor Fitzgerald & Co. is acting as the sole bookrunner, and Odeon Capital Group, LLC is acting as the lead manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.

Chairman Willner has been an active entrepreneur in the data centre arena across Europe, having founded IXcellerate (Russia), IXAfrica and IXEurope. The latter was acquired by Equinix (NSE: EQIX) for more than $500 million in 2007.

CEO Bach also serves as chairman and non-exec director of several PLC and private tech businesses, in addition to being the CFO of IXEurope and chairman of IXCellerate.

Lastly, CFO and COO Aptekar is an ex SpaceX, the largest US-based “unicorn” company where he focused on the Starlink project.


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João Marques Lima

Founder and Editor, The Tech Capital

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