Hong Kong-listed Hypebeast is selling a stake in itself to a SPAC. The implied equity valuation after the deal is at a chunky 41% premium to the Hong Kong stock price. Despite this, it’s relatively sober by SPAC standards, writes rob_cyran:
Hypebeast, a Hong Kong-listed digital media and e-commerce company, will merge with Iron Spark I, a special-purpose acquisition company, the companies said on April 4. The deal will result in the company's shares being listed both in Hong Kong and on the Nasdaq market.
The $534 million equity value implied for Hypebeast after the transaction represents a 41% premium to Hypebeast’s closing stock price on April 1, the last day of trading prior to the announcement. To facilitate the deal at the typical SPAC stock price of $10, Hypebeast will consolidate its existing stock, combining 68.45 current shares into one new share.
Hypebeast is projected to raise $180 million in proceeds, with $167 million coming from Iron Spark and $13 million from a so-called private investment in public equity. Among those investing in the PIPE are professional American football quarterback Tom Brady, tennis champion Naomi Osaka, basketball star Kevin Durant, skateboarder Tony Hawk, Airbnb co-founder Joe Gebbia and others.
Hypebeast expects to generate at least $112 million of revenue for the fiscal year ending March 31, up 29% from the previous year.FILE PHOTO: People are seen on Wall Street outside the New York Stock Exchange in New York City, U.S., March 19, 2021.
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