Rocket Internet Growth Opportunities prices IPO at $10 per share

German startup investor Rocket Internet’s tech-focused blank cheque company Rocket Internet Growth Opportunities said on Tuesday it priced its initial public offering (IPO) in New York at $10 per share.

The Cayman Islands-based special purpose acquisition company (SPAC) said it will sell each of the 25 million ordinary shares together with one fourth of a redeemable warrant to purchase another ordinary share for $11.50.

SPAC IPOs are becoming increasingly popular in the United States as they offer a shortcut to the capital market for many companies.

Rocket Internet Growth Opportunities, which is led by Rocket Internet CEO Oliver Samwer, aims to focus on companies in the technology sector that could include internet marketplaces, fintechs or startups in the healthcare industry.

In the IPO prospectus, the SPAC explicitly refers to Rocket Internet’s experience developing startups into stock market candidates, which have included HelloFresh, Delivery Hero, Zalando and Global Fashion Group.

Shares in the company will start trading on the New York Stock Exchange under the ticker symbol “RKTAU” from March 23.