Warburg Pincus Capital Corporation I-B Announces Pricing of $500 Million Initial Public Offering

Rhea-AI Summary

Warburg Pincus Capital Corporation I-B has priced its initial public offering (IPO) at $10.00 per unit, with a total of 50,000,000 units set to trade on the NYSE under the symbol WPCB.U starting March 5, 2021. Each unit comprises one Class A ordinary share and one-fifth of a redeemable warrant, with the warrants allowing the purchase of one Class A share at $11.50. The IPO is projected to close on March 9, 2021, subject to standard closing conditions. The underwriters have a 45-day option to purchase an additional 7,500,000 units.

Positive

• Pricing of IPO at $10.00 per unit indicates strong market interest.
• Total of 50,000,000 units may enhance liquidity and shareholder base.

Negative

• Potential dilution of shares if underwriters exercise their option for additional 7,500,000 units.

NEW YORK, March 04, 2021 (GLOBE NEWSWIRE) -- Warburg Pincus Capital Corporation I-B (the “Company”) today announced the pricing of 50,000,000 units at $10.00 per unit. The units will be listed on the New York Stock Exchange (the "NYSE") under the symbol "WPCB.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 "WPCB" and "WPCB 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 7,500,000 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-B

Warburg Pincus Capital Corporation I-B 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 IPO pricing for WPCB.U?

The IPO for WPCB.U is priced at $10.00 per unit.

When does trading for WPCB.U begin?

Trading for WPCB.U is set to begin on March 5, 2021.

How many units are being offered in the IPO?

A total of 50,000,000 units are being offered in the IPO.

What is included in each unit of WPCB.U?

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

What is the exercise price for the warrants related to WPCB.U?

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

When is the IPO expected to close?

The IPO is expected to close on March 9, 2021.