CF corporation, a newly designed special-purpose acquisition company, kicked off marketing last Monday on the public leg of its IPO. The SPAC, which has already raised US$510m in a private round with institutional investors including Blackstone Group, is targeting US$600m from the IPO. Joint bookrunners Citigroup, Bank of America Merrill Lynch and Credit Suisse are looking to price the deal after the market close on May 19, following a two-week roadshow, which is longer than the typical marketing period for a SPAC deal. "We are trying to get as many mutual funds and fundamental investors [as possible] to participate," said one ECM source.
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