Soulpower's IPO Upsized to $220 Million on NYSE Debut
Deal News | Apr 04, 2025 | Carey Olsen
Soulpower Acquisition Corporation has successfully launched an upsized initial public offering (IPO) of $220 million, marking its debut on the New York Stock Exchange (NYSE) under the ticker symbol 'SOULU'. The IPO comprises units each containing one Class A ordinary share and a Share Right, permitting one tenth of a Class A ordinary share upon consummation of a business combination. The individual listings are expected to trade under 'SOUL' and 'SOULR'. The underwriter, Cantor Fitzgerald & Co., received an over-allotment option for additional units, exercisable within 45 days. Soulpower, led by CEO Justin Lafazan, may target acquisitions across various sectors with emphasis on financial services. Carey Olsen provided legal advisory, aided by US counsel Sichenzia Ross Ference Carmel LLP.
Sectors
- Finance and Investment
- Legal Advisory Services
Geography
- United States – The IPO took place on the New York Stock Exchange and involves US-based legal and financial entities.
- British Virgin Islands – Carey Olsen, advising on the IPO, is a law firm headquartered in the Channel Islands, but with relevance for entities operating in regions like the British Virgin Islands for incorporation purposes.
Industry
- Finance and Investment – The article involves the financial sector, specifically focusing on the launch of an IPO for a SPAC, which is closely tied to investment activities and capital markets.
- Legal Advisory Services – Carey Olsen, a law firm, provided legal advisory services during the IPO process, representing the involvement of legal services in corporate transactions.
Financials
- US$220 million – The upsized total value of Soulpower Acquisition Corporation's IPO.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Soulpower Acquisition Corporation | Target Company | Company | A Special Purpose Acquisition Company (SPAC) conducting an IPO on the NYSE. |
| Cantor Fitzgerald & Co. | Book-running Manager | Company | An investment firm acting as the sole book-running manager for the Soulpower IPO. |
| Carey Olsen | Legal Advisor | Company | A law firm providing legal advisory services to Soulpower Acquisition Corporation for the IPO. |
| Sichenzia Ross Ference Carmel LLP | US Counsel | Company | Legal advisors assisting alongside Carey Olsen for the Soulpower IPO. |
| Justin Lafazan | CEO and Chairman | People | Founder and former CEO of Nex Gen HQ, currently leading Soulpower Acquisition Corporation. |