First European SPAC of 2022: GP Bullhound Acquisition I SE lists on Amsterdam Euronext, secures €200M

GP Bullhound Acquisition I SE, a Luxembourg incorporated newly formed special purpose acquisition company (SPAC), announced on Wednesday that it has raised €200M on private placement after listing on the Euronext Amsterdam – the first SPAC listing on the exchange in 2022.

A SPAC, or special purpose acquisition company, is an entity with no commercial operations that completes an initial public offering (IPO). After becoming a public company, the SPAC then acquires or usually merges with an existing private company, taking it public.

Capital utilisation

The company offered 20,000,000 units priced at €10 per piece. With the raised capital, the firm intends to buy EEA Member State, UK, Switzerland, or Israel-based companies focusing on software, digital media, digital commerce, and fintech, with valuations north of €800M and up to €2B.

London-headquartered investment firm GP Bullhound is the sponsor of the SPAC, with GP Bullhound I SCSp acting as founder. The SPAC is then, in turn, advised by GP Bullhound’s three co-founders and managing partners, Hugh Campbell, Manish Madhvani and Per Roman.

Speaking on the development, the three co-founders say, “We are very pleased with the backing from the public market investors in this placing. This SPAC is a result of our vision and belief at GP Bullhound in the transformative power of technology. We have more than 20 years of experience in working with category leaders in the industry thus bringing in an unmatched competitive advantage.” 

“We are excited to find the next tech titan in innovation in the underserved European ecosystem and deliver exponential growth by providing our expertise, capital, and access to the equity capital markets,” adds the co-founders.

About GP Bullhound

Founded in 1999 in London and Menlo Park, GP Bullhound partners with technology entrepreneurs throughout their founding journey, supporting them with advisory, capital, insights, and access to its global network. Currently, the firm has 10 offices spanning Europe, the US and Asia.