Canadian potash explorer Brazil Potash is looking to get an NYSE listing away in the near future. It is planning to raise US$70m in the New York listing to help finance further development of a giant potash mining project in Brazil.
Some 70m shares are being offered to investors in the range of $15-18. The miner could command a fully diluted market value of more than US$800 million if the listing is successful.
Brazil Potash is still at pre-revenue stage. It is planning to develop an underground mine which will provide potash mainly to consumers in Brazil itself. This should help Brazilian farmers to radically reduce their reliance on imported potash.
The full cost of the potash mine has been estimated at a total of $2.6 billion and if production starts on plan next year, it could immediately meet 20% of Brazil’s potash needs.
Although the mine was approved by local authorities, it has been receiving some opposition at the federal government level in Brazil, which earlier this year tried to get the mining licence suspended on environmental grounds.
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Ex-Morgan Stanley team to bring entertainment SPAC to market
SPACs are not dead yet. K&F Growth Acquisition II is the latest cash shell to file with the SEC. It is looking to raise $250m with shares priced at $10. The deal comes with the right to receive an additional 1/15 of a share for every share bought, which can be issued on completion of an acquisition.
K&F Growth is looking at a proposed eventual deal size of around $341 million. It is targeting companies in the ‘mobile experiential entertainment’ space.
Behind the SPAC are Daniel Fetters and Edward King, who both have 20+ year investment banking careers, mainly with Morgan Stanley. They like companies that operate in hot areas like live events, so-called integrated resorts, family entertainment and casinos.
Their previous SPAC was called Acies Acquisition and was used to take Playstudios public on the Nasdaq in 2021. Sole bookrunner for the new SPAC is BTIG.
Canada’s Apotex planning IPO in 2025 say Toronto sources
Canadian drugs manufacturer Apotex Inc is planning to IPO at some point next year. Although there is little available information on the details of the deal, among the book runners appointed are believed to be RBC Capital Markets, Jeffries Financial Group, and TD Securities.
Apotex is based in Toronto and was founded back in 1974 by Barry Sherman, infamously killed in an unsolved double homicide with his wife in 2017. Apotex was sold to US private equity firm SK Capital Partners in a deal which valued the company somewhere in the range of US$3-4 billion.
Apotex has been expanding recently, buying Searchlight Pharma in Montreal earlier this year.
Singapore’s The GrowHub files for US IPO
The GrowHub has filed for a US IPO valued at $12m. The Singapore-based innovator is developing blockchain technology which will assist in the traceability of food in the supply chain. Some 2.7m shares in the company are being offered, priced at between $4-5. This could provide The GrowHub with a market value of around $109m.
The GrowHub has its own platform which is hosted on the Polygon network, a third party blockchain. It is designed to provide the food industry with more transparency into the way food is sourced and processed. It can assist with anti-counterfeit and carbon monitoring efforts.
The GrowHub has been active already in a number of markets, including Australia, Bhutan, Japan, Malaysia and Vietnam. Founded in 2020, it will trade on Nasdaq under the TGHL symbol.
