Apollo Strategic Growth Capital II Announces Pricing of $600 Million Initial Public Offering

Rhea-AI Summary

Apollo Strategic Growth Capital II announced its upsized initial public offering (IPO) of 60 million units at a price of $10.00 each, set to trade under the symbol APGB.U from February 10, 2021. Each unit comprises one Class A ordinary share and one-fifth of a warrant, exercisable at $11.50. The company, sponsored by APSG Sponsor II, aims to pursue various business combinations. Underwriters have a 30-day option to buy an additional 9 million units for over-allotments. The offering’s details will be available in a prospectus.

Positive

• Upsized IPO of 60 million units at $10.00 each.
• Each unit includes a warrant for potential future value.
• Strong sponsorship by Apollo Global Management.
• Underwriters granted option to purchase additional units.

Negative

• Potential shareholder dilution from future warrant exercises.

NEW YORK, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Apollo Strategic Growth Capital II (the “Company”) today announced the pricing of its upsized initial public offering of 60,000,000 units at $10.00 per unit. The units will be listed on the New York Stock Exchange (the “NYSE”) under the symbol “APGB.U” commencing on February 10, 2021. Each unit consists of one Class A ordinary share of the Company and one-fifth of one warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share at an exercise price of $11.50 per share. Once the securities constituting the units begin separate trading, the Company expects the Class A ordinary shares and warrants will be listed on the NYSE under the symbols “APGB” and “APGB WS,” respectively.

The Company is sponsored by APSG Sponsor II, L.P., an affiliate of Apollo Global Management, Inc. (NYSE: APO). The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It may pursue an initial business combination target in any business or industry.

Deutsche Bank Securities Inc. is acting as a joint bookrunner and representative of the underwriters and Barclays Capital Inc. and Credit Suisse Securities (USA) LLC are acting as joint bookrunners. Apollo Global Securities, LLC, RBC Capital Markets, LLC, Siebert Williams Shank & Co, LLC and Academy Securities, Inc. are acting as co-bookrunners. The Company has granted the underwriters a 30-day option to purchase up to 9,000,000 additional units at the initial public offering price to cover over-allotments, if any.

This offering will only be made by means of a prospectus. Copies of the preliminary prospectus relating to the offering and final prospectus, when available, may be obtained from Deutsche Bank Securities Inc., Attn: Prospectus Department, 60 Wall Street, New York, New York 10005, telephone +1 800 503 4611, or email: prospectus.cpdg@db.com; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: +1 888 603 5847, or email: Barclaysprospectus@broadridge.com; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, Telephone: (800) 221-1037, email: usa.prospectus@credit-suisse.com.

A registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”). This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any State or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contacts

Apollo Strategic Growth Capital II

For investors please contact:
info@apollostrategicgrowthcapitalii.com

For media inquiries please contact:
communications@apollo.com

FAQ

What is the initial public offering price for Apollo Strategic Growth Capital II?

The initial public offering price for Apollo Strategic Growth Capital II is $10.00 per unit.

What is the stock symbol for Apollo Strategic Growth Capital II?

The stock symbol for Apollo Strategic Growth Capital II is APGB.U.

When will the units start trading on the NYSE?

The units are set to start trading on the NYSE on February 10, 2021.

What does each unit of the IPO consist of?

Each unit consists of one Class A ordinary share and one-fifth of a warrant.

What is the exercise price for the warrants included in the IPO?

The exercise price for the warrants is $11.50 per share.

Who are the underwriters for the Apollo Strategic Growth Capital II IPO?

Deutsche Bank Securities, Barclays Capital, and Credit Suisse are among the underwriters for the IPO.