Lifeline Spac IPO oversubscribed, nets EUR 100m in proceeds

The Spac received gross proceeds of EUR 100m, all of which will be deposited in its escrow account.

The offering was oversubscribed and attracted significant demand from several Finnish and international institutions, funds, and family offices, as well as private investors, the firm said in a statement.

Cornerstone investors include Ahlström Invest, GW Sohlberg Corporation, Varma Mutual Pension Insurance Company, Mandatum Asset Management, funds managed by Sp-Fund Management Company, Rettig Group, Visio Varainhoito and funds managed by WIP Asset Management.

Lifeline said it will now start looking at a pool of high-growth-potential technology companies in order to find a suitable target.

Unquote reported in early September that Lifeline was looking to launch a Spac, with Carnegie mandated as adviser and Tuomo Vähäpassi, ex-head of corporate finance for Finland at SEB, appointed as CEO of the company.

Spac listings have been allowed in Finland since 1 March and the country saw its first Spac when Virala Acquisition Company (VAC) listed its shares on the Helsinki Stock Exchange in June, raising gross proceeds of EUR 107.5m from the offering before deducting offering-related costs.

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• Topics
• Nordics
• GPs
• SPACs
• Finland
• Venture