Feb 22 Reuters A blankcheck firm backed by billionaire Alec Gores and investment bank Guggenheim Partners is looking to raise nearly 750 million through an initial public offering IPO, a regulatory filing showed on Monday.

Gores Guggenheim, cosponsored by Gores Group LLC and Guggenheim, said it plans to sell 75 million units composed of shares and warrants, priced at 10 per unit on the Nasdaq Capital Market.

Gores Guggenheim is the thirteenth special purpose acquisition company SPAC backed by Gores, who is among Wall Streets most prolific SPAC dealmakers and has raised billions of dollars through multiple blankcheck vehicles so far.

Another Goresbacked SPAC, Gores Holdings VI Inc, earlier this month agreed to take 3D camera maker Matterport Inc public for 2.9 billion.

SPACs, or blankcheck firms, are shell companies that raise funds through an IPO to take a private company public and have emerged as one of Wall Streets most favored investment vehicles in recent times. For the company going public, striking a deal with a SPAC is an alternative to a traditional IPO.

Deutsche Bank Securities, Citigroup and Morgan Stanley are the lead underwriters for the latest offering.

Reporting by Sohini Podder in Bengaluru; Editing by Aditya Soni

Source Reuters