Heads up, struggling booking platforms. A proposed IPO hopes to raise $300 million, and the company's founders may come looking for you. The list of pandemic opportunists grows.
Altitude Acquisition filed the paperwork Friday with the Securities and Exchange Commission to raise $300 million in an initial public offering to go on the hunt for opportunities in the travel industry.
The Atlanta-based company is the latest so-called SPAC targeting travel. A special purpose acquisition company, or blank check company, is a shell company with no operations but created with the purpose of acquiring or merging with another company.
In early August, Certares founder and Liberty Tripadvisor Vice Chairman Greg O’Hara executed a $500 million initial public offering of Go Acquisition Corp. with the intent of going shopping for mergers in travel.
Altitude is headed by CEO Gary Teplis, a 35-year travel industry vet and CEO of corporate travel agency Teplis Travel. The company’s chairman, Gavin Isaacs, once served as CEO of Scientific Games and SHFL Entertainment, and currently serves on the boards of several companies, including DraftKings.
“We intend to focus on travel, travel technology and travel-related businesses with either business-to-business (“B2B”) or business-to-consumer (“B2C”) focuses, that have compelling growth opportunities with strong underlying demand drivers which include travel-related platforms including, but not limited to, travel booking engines; revenue, payment and expense management services; travel management companies; alternative accommodation and mobile-based travel solutions.
“We expect that these target companies will have characteristics appropriate for public companies,” the company founders said in its S-1 filing with the SEC.
“We believe there are many potential targets within the travel space that are attractive acquisition opportunities and positioned to deliver substantial value to stockholders in the public markets amid the post-Covid-19 recovery,” they added.
Altitude will be listed on Nasdaq.
CORRECTION: An earlier version of this story listed Gary Teplis as a founder of Teplis Travel. He is the CEO, and not the founder.
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Photo Credit: Among the potential targets for Altitude Acquisition will be booking platforms. REDPIXEL / Abobe
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