July 28 (Reuters) - RedBall Acquisition Corp, a special purpose acquisition company (SPAC) co-chaired by baseball executive Billy Beane and former Goldman Sachs banker Gerald Cardinale, said on Tuesday its would seek to raise $500 million in its initial public offering (IPO).
The offering on the New York Stock Exchange will consist of 50 million units - a combination of shares and warrants.
SPACs typically raise money in an IPO to pursue an acquisition without telling their investors in advance which specific company they will buy. A clutch of private companies have gone public this year by merging with blank-check companies.
Beane is the baseball general manager whose story was the subject of Michael Lewis’ bestselling book “Moneyball: The Art of Winning an Unfair Game”. He was portrayed by Brad Pitt in the film adaptation.
Reporting by Noor Zainab Hussain in Bengaluru; Editing by Aditya Soni