Warburg Pincus Capital Corporation I-A Announces Pricing of $250 Million Initial Public Offering

Rhea-AI Summary

Warburg Pincus Capital Corporation I-A announced the pricing of 25,000,000 units at $10.00 each, set to list on the NYSE under symbol WPCA.U starting March 5, 2021. Each unit comprises one Class A ordinary share and one-fifth of a warrant, entitling holders to buy a share at $11.50. The IPO closes on March 9, 2021, pending standard conditions. Joint bookrunners include Citigroup, Credit Suisse, and Evercore, with an option for underwriters to purchase an additional 3,750,000 units.

Positive

• Offering size of 25 million units at $10 each, indicating strong investor interest.
• Potential for significant funding to identify and acquire target companies.
• Affiliated with Warburg Pincus, providing access to expertise and networks.

Negative

• Potential dilution for existing shareholders if underwriters exercise their option for additional units.
• Market uncertainties surrounding the completion of the offering.

NEW YORK, March 04, 2021 (GLOBE NEWSWIRE) -- Warburg Pincus Capital Corporation I-A (the “Company”) today announced the pricing of 25,000,000 units at $10.00 per unit. The units will be listed on the New York Stock Exchange (the "NYSE") under the symbol "WPCA.U" commencing on March 5, 2021. Each unit consists of one Class A ordinary share and one-fifth of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities constituting the units begin separate trading, we expect that the units will be listed on the NYSE under the symbols "WPCA" and "WPCA WS," respectively. The initial public offering is expected to close on March 9, 2021, subject to customary closing conditions.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Evercore Group L.L.C. are acting as joint bookrunners of the offering. The Company has granted the underwriters a 45-day option to purchase an additional 3,750,000 units at the initial public offering price to cover any over-allotments.

The initial public offering will only be made by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from: Citigroup Global Markets Inc., Attention: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone at 800-831-9146, from Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, Telephone: 1-800-221-1037, Email: usa.prospectus@credit-suisse.com, or from Evercore Group L.L.C., Attn: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, by phone at (888) 474-0200, or by email at ecm.prospectus@evercore.com.

A registration statement relating to the securities became effective on March 4, 2021 in accordance with Section 8(a) of the Securities Act of 1933, as amended. 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 offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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.

About Warburg Pincus Capital Corporation I-A

Warburg Pincus Capital Corporation I-A is a newly organized, blank check company created for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The Company is not limited to a particular industry or geographic region in the identification and acquisition of a target company. The sponsor of the Company is an affiliate of Warburg Pincus LLC (“Warburg Pincus”).

The Company intends to identify a target with strong fundamental growth that could benefit from Warburg Pincus’ longstanding experience, global presence, domain expertise, operational support and extensive networks and that presents potential for an attractive risk-adjusted return profile.

Contacts

Kerrie Cohen, Warburg Pincus
Kerrie.cohen@warburgpincus.com
917-887-9184

FAQ

What is the offering size for WPCA.U?

The offering size is 25,000,000 units priced at $10.00 each.

When will WPCA.U start trading on the NYSE?

WPCA.U is set to begin trading on March 5, 2021.

What does each unit in the WPCA.U offering contain?

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

What is the closing date for the WPCA.U IPO?

The IPO is expected to close on March 9, 2021, subject to customary closing conditions.

Who are the underwriters for the WPCA.U offering?

The underwriters are Citigroup, Credit Suisse, and Evercore.