TPG Pace Beneficial II Corp. Completes Initial Public Offering

Rhea-AI Summary

TPG Pace Beneficial II Corp. closed its initial public offering of 35 million Class A ordinary shares, raising gross proceeds of $400 million. An additional 5 million shares were issued due to the underwriters’ over-allotment option. The shares began trading on the NYSE under the ticker symbol YTPG on April 14, 2021. The company aims to merge or acquire businesses with strong fundamentals and environmental, social, and governance policies. Deutsche Bank, J.P. Morgan, and Goldman Sachs are leading the offering.

Positive

• Raised $400 million in gross proceeds from the IPO.
• Focus on acquiring businesses with strong environmental, social, and governance policies.

Negative

• None.

TPG Pace Beneficial II Corp. (the “Company”), a newly organized blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, today announced the closing of its initial public offering of 35,000,000 Class A ordinary shares and the issuance of an additional 5,000,000 Class A ordinary shares pursuant to the partial exercise of the underwriters’ over-allotment option. The offering was priced at $10.00 per share, resulting in gross proceeds of $400,000,000, before deducting underwriting discounts and commissions and other offering expenses payable by the Company. The shares began trading on the New York Stock Exchange under the ticker symbol “YTPG” on April 14, 2021.

The Company is focused on sponsoring the public listing of a company that combines attractive business fundamentals with, or with the potential for, strong environmental, social and governance policies.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC are serving as joint book runners for the offering, and Northland Securities, Inc. and Siebert Williams Shank & Co., LLC are serving as co-managers.

The offering was made only by means of a prospectus, copies of which may be obtained from Deutsche Bank Securities Inc., Attn: Prospectus Department, 60 Wall Street, New York, NY 10005, email: prospectus.cpdg@db.com; tel: (800) 503-4611; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: prospectus-eq_fi@jpmchase.com, tel: (866) 803-9204; and Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282, email: prospectus-ny@ny.email.gs.com, tel: (866) 471-2526.

A registration statement relating to the securities was declared effective by the SEC on April 13, 2021. 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 anticipated use of the net proceeds from the initial public offering. No assurance can be given that the net proceeds of the initial public 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 Securities and Exchange Commission (“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 TPG Pace Beneficial II Corp.

TPG Pace Beneficial II Corp. is a special purpose acquisition company formed by TPG Pace Group for the purpose of entering into a merger, stock purchase, or similar business combination with one or more businesses. The strategy of TPG Pace Beneficial II Corp. is to identify and acquire businesses that are better suited to generate strong returns in a public market environment with, or with the potential for, strong environmental, social and governance policies.

About TPG Pace Group

TPG Pace Group is the firm's dedicated permanent capital platform, created in 2015 with the objective of sponsoring special purpose acquisition companies and other permanent capital solutions for companies. Since that time, the platform has successfully listed seven SPACs and completed three transactions and has two announced transactions. TPG Pace Group has a long-term, patient, and highly flexible capital base, allowing us to seek transactions across industries and geographies. The creation of TPG Pace Group builds on TPG’s efforts to grow its private equity offering by servicing different return profiles and product types.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210416005551/en/

FAQ

What was the purpose of TPG Pace Beneficial II Corp.'s offering on April 14, 2021?

The offering aimed to raise capital for potential mergers or acquisitions with companies that have strong business fundamentals and environmental, social, and governance policies.

How many shares were issued in the TPG Pace Beneficial II Corp. IPO?

A total of 35 million Class A ordinary shares were issued, with an additional 5 million shares due to the underwriters’ over-allotment option.

What are the implications for shareholders following the TPG Pace Beneficial II Corp. IPO?

The IPO raised significant capital, which could potentially lead to growth and value creation for shareholders through strategic acquisitions.

Who were the underwriters for the TPG Pace Beneficial II Corp. IPO?

Deutsche Bank Securities, J.P. Morgan Securities, and Goldman Sachs served as joint book runners for the offering.