Powered Brands (POWRU) Prices Upsized $240M IPO

Powered Brands announced the pricing of its upsized $240 million IPO this evening and its units are expected to begin trading on the Nasdaq under the symbol “POWRU” Friday, January 8.

The new company aims to combine with a beauty, wellness or consumer business with authentic brand values that permeate all functions. Powered Brands is led by CEO Katherine Power, CFO Brianna Mobrem and Chair of the Board Dana Settle.

Total SPAC deal count for 2021 year-to-date is now 22 with $5.36 billion in gross proceeds raised. This offering is expected to close on Tuesday, January 12.

Credit Suisse Securities (USA) LLC is acting as sole book-running manager for the offering. Goodwin Proctor LLP is serving as Issuer’s Counsel with Davis Polk & Wardwell LLP serving as Underwriter’s Counsel. WithumSmith+Brown, PC serves as auditor. Continental Stock Transfer & Trust Company LLC is acting as trustee.