Sept 29 (Reuters) - A blank-check company backed by Jon Ledecky, the majority owner of the NHL team New York Islanders, is looking to raise $300 million in a U.S. initial public offering (IPO), the company said on Tuesday.
The firm, Northern Star Acquisition Corp, is looking to sell 30 million units at $10 apiece, it said in a filing here.
XL Fleet, a company that provides fuel-efficiency solutions for vehicles, went public earlier this month by merging with Pivotal Investment Corporation II, another Ledecky-backed blank-check firm.
A blank-check firm, or special purpose acquisition company (SPAC), is a shell company that uses IPO proceeds to buy another company, typically within two years of listing.
High profile investors such as Bill Ackman and Michael Klein have raised billions through their SPACs this year.
Lately, major players including space tourism company Virgin Galactic Holdings, sports betting platform DraftKings Inc and electric truck maker Nikola Corp have gone public by merging with SPACs, bypassing a traditional initial public offering.
Citigroup Global Markets is the underwriter for the offering from Northern Star Acquisition, a company which is also backed by creative media executive Joanna Coales, who served as an editor at several magazines including Cosmopolitan and More. (Reporting by Abhishek Manikandan in Bengaluru; Editing by Devika Syamnath)
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