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Liberty Media-backed SPAC aims to raise $500 mln in U.S. IPO

·1 min read

Nov 19 (Reuters) - A blank-check company backed by Formula One-owner Liberty Media Corp is looking to raise $500 million in a U.S. initial public offering, a regulatory filing showed on Thursday.

Liberty Media Acquisition Corporation (LMAC) said it was aiming to sell 50 million units at $10 apiece, and that the special acquisition purpose company (SPAC) was looking for a target in the media, music, entertainment, communications and technology industries.

A SPAC is a shell vehicle that raises money in an IPO to buy and then merge with another company, typically within two years.

Several high-profile investors such as Bill Ackman and Michael Klein have raised billions through their SPACs this year.

LMAC expects to list its units on the Nasdaq to trade under the ticker symbol "LMACU".

Citigroup, Morgan Stanley, Credit Suisse and Goldman Sachs & Co. LLC are acting as joint book-running managers for the proposed offering. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini Ganguli)