Five days after the $552 million (€368 million) initial public offering of Tom Hicks’ special purpose acquisition vehicle, its shareholders have begun separately trading their common stock and warrants today. By the end of the day, units of one share of common stock and one warrant had traded up 2 cents from their initial public offering price of $10 per share.
Hicks’ fund listed on the American Stock Exchange on 3 October in the biggest IPO of its kind, according to a statement.
The SPAC will acquire one or more non-energy businesses in the US or Canada through a merger, acquisition, delisting or similar business combination. The vehicle has 24 months to do a deal or be liquidated.
It is the latest in a string of moves Hicks has made since stepping down in 2005 from the Dallas buyout firm he founded, Hicks, Muse, Tate & Furst. This year Hicks has bought stakes in a California clinical decision support systems maker, a Massachusetts steel company and a Texas logistics services company, all through his private family investment company Hicks Holdings. Hicks, a sports enthusiast, also bought Liverpool Football Club this February.
Hicks, Muse, Tate & Furst is now called HM Capital Partners, and is seeking around $1 billion for its latest fund.