Shepherd Ave Capital Acquisition Corporation Prices $75 Million IPO

Deal News | Dec 04, 2024 | EIN

Shepherd Ave Capital Acquisition Corporation, a newly formed special purpose acquisition company (SPAC) based in the Cayman Islands, has announced the pricing of its Initial Public Offering (IPO) at $75 million. The company will list its units on Nasdaq under the ticker SPHAU, beginning trading on the following day. Each unit will consist of a Class A ordinary share and one right, with every whole right entitling the holder to one-fifth of a Class A ordinary share upon the completion of an initial business combination. The offering is scheduled to close on December 6, 2024, pending standard closing conditions, and includes an option for underwriters to purchase an additional 1,125,000 units to cover over-allotments within a 45-day timeframe. SPAC Advisory Partners LLC is the sole book-running manager for the offering, and the corporation aims to target businesses with robust management, growth potential, and strong market positions in its acquisition quest as it debuts on Nasdaq.

Sectors

Financial Services
Capital Markets
Investment Banking

Geography

United States – The IPO will be listed on Nasdaq, and the lead managing firm, SPAC Advisory Partners LLC, is based in New York, highlighting the U.S. as an operational base.
Cayman Islands – Shepherd Ave Capital Acquisition Corporation is incorporated in the Cayman Islands, providing legal and tax benefits often sought by SPACs.

Industry

Financial Services – This sector involves activities like managing money, including investments, financing, and transactions - relevant due to the SPAC's focus on acquiring or merging with companies.
Capital Markets – Pertains to markets where savings and investments are channeled between the suppliers and those in need - relevant since the article discusses an IPO and trading on Nasdaq.
Investment Banking – Involves raising capital for companies or advising on acquisitions - relevant as SPAC Advisory Partners LLC is managing this IPO process.

Financials

$75 Million – The total proceeds expected from the Initial Public Offering (IPO) of Shepherd Ave Capital Acquisition Corporation.
1,125,000 units – Additional units that underwriters have the option to purchase within 45 days to cover over-allotments.

Participants

Name	Role	Type	Description
Shepherd Ave Capital Acquisition Corporation	Issuing entity	Company	A newly formed SPAC formed in the Cayman Islands, conducting an IPO to fund future business combinations.
SPAC Advisory Partners LLC	Book-running manager	Company	Division of Kingswood Capital Partners, LLC, responsible for managing this IPO process.
William W. Snyder	CEO	Person	Chief Executive Officer of Shepherd Ave Capital Acquisition Corporation.
Kingswood Capital Partners, LLC	Parent company of SPAC Advisory Partners	Company	Provides the broader framework under which SPAC Advisory Partners operates.
Aitefund Sponsor LLC	Sponsor	Company	The sponsor of Shepherd Ave Capital Acquisition Corporation, pivotal in offering support and resources to the SPAC.