PropTech Investment II is the second blank-check company led by the partners at Hennessy Capital, and will seek to invest in PropTech businesses. Ming Yuan Cloud has a market share of 18.5% in terms of revenue in 2019 (Frost & Sullivan). Each unit consists of one share of the Companys Class A common stock and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Create your Watchlist to save your favorite quotes on Nasdaq.com. Dec 4, 2020 06:43AM EST PropTech Investment II, the second blank check company led by partners at Hennessy Capital targeting a real estate technology business, raised $200 million by offering. The SCOOP Rating does not . So, my outlook on MURF is a Hold as I believe investors in SPACs need to be ultra-choosy and focus on those SPACs with great management teams and a history of positive returns to investors. Acquisitions, IPOs, and the evolution of PropTech | by Faisal Butt | Pi Labs Insights | Medium 500 Apologies, but something went wrong on our end. Ming Yuan Cloud Global Offering Prospectus: https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0915/2020091500029.pdf, https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0929/2020092900364.pdf, https://www.sec.gov/Archives/edgar/data/1809587/000104746920004229/a2242063zf-1.htm. The SPAC may issue additional stock/units to effect a contemplated merger. PR Newswire: TS Innovation Acquisitions Corp. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. PropTech Acquisition Corp. intends to focus on businesses that provide technological innovation to the real estate industry, or "PropTech", and will be led by Thomas Hennessy . Type a symbol or company name. A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission on November 21, 2019. Bethesda, Maryland-based Alset sold 8.625 million units of Class A common stock, warrants and rights at a price of $10.00 per unit for gross proceeds of approximately $86.25 million, not including the sale of customary underwriter options. On February 23, 2023, the company notified Sagaliam that since the SPAC did not receive subscription agreement commitments before December 15, 2022, it has chosen to terminate the merger. In 2018, another $4 billion was invested in real estate technology companies. A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission on November 21, 2019. If you have an ad-blocker enabled you may be blocked from proceeding. Copy and paste multiple symbols separated by spaces. Cantor Fitzgerald & Co. acted as the sole book running manager for the offering. Also, in 2021, the real estate services firm estimated there were more than 6,000 Proptech or other real estate technology-related businesses worldwide. 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 Companys registration statement and preliminary prospectus for the offering filed with the Securities and Exchange Commission (SEC). Each unit consists of one share of the Companys Class A common stock and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. PropTech-focused SPAC BOA Acquisition files for a $175 million IPO, Renaissance International ETF (symbol: IPOS), Do Not Sell My Personal Information (CA Residents Only). To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The SPAC has 18 months to complete a merger (initial business combination). According to data compiled by Bloomberg, at c.US$2 billion, it was the largest IPO of a Chinese firm in the US for more than two years. According to its 2020 Interim Report, 81 of Top 100 property developers in China are its customers in respect of ERP solutions for the six months ended June 30, 2020 and 95 of Top 100 property developers in China are its customers in respect of SaaS products for the six months ended June 30, 2020. Founder shares are 20% of the total shares and consist of Class B shares. The topics covered are very close to Pi Labs and our ecosystem. While the Company may pursue an initial business combination target in any stage of its corporate evolution or in any industry or sector, it intends to focus its search on companies that provide technological innovation to the real estate industry, or PropTech. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,250,000 units at the initial public offering price to cover over-allotments, if any. BTIG is the sole bookrunner on the deal. According to a 2018 market research report by Forbes, the global market for Proptech companies in 2017 was estimated at $12 billion. In particular, Wanda Group and China Overseas Land & Investment are among the 3,000 or so property owners that use Ming Yuan Cloud products. Murphy Canyon Acquisition Corp. went public recently, raising $132 million in an IPO. T: 310-954-9665 I wrote this article myself, and it expresses my own opinions. In 2018, another $4 billion was invested in real estate technology companies. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. Alicia is the President and Co-Founder of PropTech Institute. I have no business relationship with any company whose stock is mentioned in this article. This is European PropTechs largest full-equity VC round to date, rivalled only by debt financing, IPO, and post-IPO activity in the sector. The SPAC has 15 months to complete a merger (initial business combination). The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Currently, Alicia is the Senior Legal Counsel at a real estate private equity fund focusing on Greater China investments. My research is focused on identifying quality companies at a reasonable price, but Im wrong sometimes. Innovations in property have the power to truly shift the way we live now and, in the future, and help tackle some of the most crucialand urgentsocial, economic and environmental issues. Is this happening to you frequently? When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. This year, they closed their $100 million Series C round. The company is led by CIO and ChairmanJack Chandler, who founded Majesteka Investments in 2017 and previously served as Global Head and Chairman of Real Estate at BlackRock from 2011 to 2017. It's a good time to be a startup aspiring to go public. The company filed confidentially on January 8, 2021. In 2021, we also saw cross-border investment in LandTechs 42 million Series A round led by Washington DC based venture firm Updata Partners. JLL, for example, have made two noteworthy PropTech acquisitions this year (Building Engines for $300 million and Skyline AI for an undisclosed figure). PropTech Institute is a non-profit organisation dedicated to promoting PropTechthe application of technology to property. The SPAC may issue additional stock/units to effect a contemplated merger. This article is not investment advice and does not constitute any offer or solicitation to subscribe or redeem. - Chief Financial Officer Rongguo Wei, who is co-Chief CFO of Alset EHome International and has more than 15 years of experience with private and public companies in the United States. The surge in growth capital in European PropTech. Shelter Acquisitionintends to concentrate on identifying businesses that provide technologically innovative solutions to the real estate industry, broadly defined as proptech. Doodlin, a South Korean startup that operates Greeting, a recruitment management solution for enterprises, announced on Feb. 15 that it has raised KRW 10.6 billion in funding.This comes 14 months after the company raised KRW 4.3 billion in Series A funding in 2021. It was the first software-based Chinese PropTech firm to debut on the Hong Kong Stock Exchange this year. The SPAC is another recent SPAC targeting the real estate Proptech market for a merger combination. It was formed, like other special purpose acquisitions companies this year, to raise money in an IPO and . The SPAC sponsor also purchased 440,000 units at $10.00 per unit in a private placement. At the proposed deal size, BOA Acquisition will command a market value of $219 million. PropTech Investment II, a SPAC, has filed with the SEC in September 2020 to raise up to US$175 million in an IPO. I have no business relationship with any company whose stock is mentioned in this article. Also, unlike a venture capital fund, a SPAC is liquid, providing public investors with an added liquidity benefit should they need to sell. When it comes to the evolution of PropTech, my first thought relates to the recent surge in growth capital available to the best-performing European PropTech start-ups. PropTech's units are expected to begin trading, tomorrow, Friday, November 22nd, under the symbol Nasdaq: PTACU. M&A activity has been another hot topic in PropTech this year. Renaissance Capital->. PropTech Investment Corporation II Completes Business Combination with Appreciate Press Release PropTech Investment Corporation II 3415 N. Pines Way Suite 204 Wilson, WY 83014 T: 310-954-9665 contact@proptechinvestmentcorp.com Gateway IR Cody Slach T: 949-574-3860 Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. Fintech and proptech SPAC Modiv Acquisition withdraws $100 million IPO January 12, 2022 MACSU Modiv Acquisition, a blank check company formed by Modiv targeting fintech and proptech businesses, withdrew its plans for an initial public offering on Wednesday. PropTech Acquisition Corporation is a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase,. It also allowed our team to meet with potential future portfolio company founders, as well as others in the wider world of PropTech. Refresh the page, check Medium 's site status,. To illustrate this, lets do a quick back-of-envelope projection on Plentific based on recent valuations. The. Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $172,500,000 (or $10.00 per unit sold in the public offering) was placed in trust. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be traded on Nasdaq under the symbols PTAC and PTACW, respectively. Please disable your ad-blocker and refresh. Terms of Use. contact@proptechinvestmentcorp.com, Gateway IR Cody Slach T: 949-574-3860 PTIC@gatewayir.com. We create a better ecosystem for PropTech through education, collaboration and driving change. If it fails to do so, shareholders will be able to redeem their shares/units for the remaining proceeds from the IPO held in trust. I am not receiving compensation for it (other than from Seeking Alpha). 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