BCLS Acquisition, a blank check company formed by Bain Capital targeting the healthcare industry, filed on Friday with the SEC to raise up to $125 million in an initial public offering.

The Boston, MA-based company plans to raise $125 million by offering 12.5 million shares at $10. The SPAC is not offering warrants that would become exercisable following completion of the initial business combination. It may raise an additional $25 million at the closing of an acquisition pursuant to a forward purchase agreement with its sponsor. At the proposed deal size, BCLS Acquisition would command a market value of $161 million.

The company is led by co-founders and Managing Directors of Bain Capital, Chairman Adam Koppel and CEO and Director Jeffrey Schwartz. The company plans to target the healthcare industry, particularly businesses based primarily based in North America and Europe in the biopharmaceutical, specialty pharmaceutical, medical device, diagnostics, and enabling life science technology fields.

BCLS Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol BLSA. The company filed confidentially on September 17, 2020. Goldman Sachs and Jefferies are joint bookrunners on the deal.

The article Bain Capital’s SPAC BCLS Acquisition files for a $125 million IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Focus of Article:

The focus of this two-part article is a very detailed analysis comparing Ares Capital Corp. (ARCC) to some of the company’s business development company (“BDC”) peers (all sector peers I currently cover). I am writing this two-part article due to the continued requests that such an analysis be specifically performed on ARCC and some of the company’s BDC peers at periodic intervals. For readers who just want the summarized conclusions/results, I would suggest to scroll down to the “Conclusions Drawn” section at the bottom of each part of the article.

PART 1 of this article analyzed ARCC’s recent quarterly results and compared several of the company’s metrics to fourteen BDC peers. PART 1 helps lead to a better understanding of the topics and analysis that will be discussed in PART 2. The link to PART 1’s analysis is provided below:

Ares Capital’s NAV, Dividend, And Valuation Vs. 14 BDC Peers (Post Q2 2020 Earnings – Very Attractive Valuation)

PART 2 of this article compares ARCC’s recent dividend per share rates, yield percentages, and several other highly unique dividend sustainability metrics to fourteen BDC peers. This analysis will show recent past data with supporting documentation within Table 3 below. This article will also project each company’s dividend sustainability for the calendar fourth quarter of 2020 which is partially based on the metrics shown in Table 3 and several additional metrics shown in Table 4 below.

By analyzing these metrics, one will better understand which BDC generally has a safer dividend rate going forward versus other peers who have a higher risk for a dividend decrease or a higher probability of a dividend increase and/or a special periodic dividend being declared. This is not the only data that should be examined to initiate a position within a particular stock/sector

EdtechX Holdings Acquisition II, the second blank check company formed by IBIS Capital to acquire an education technology business, filed on Monday with the SEC to raise up to $150 million in an initial public offering.

The London, UK-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, EdtechX Holdings Acquisition II would command a market value of $188 million.

The company is led by Chairman and CIO Charles McIntyre, co-founder and CEO of investment and advisory firm IBIS Capital, and CEO and Director Benjamin Vedrenne-Cloquet, an Operating Partner at IBIS Capital. The company plans to target businesses in the education, training, re-skilling, human capital, and education technology industries with enterprise values between $400 million and $2 billion.

IBIS Capital’s previous SPAC, EdtechX Holdings Acquisition, went public in October 2018 and completed its merger with Meten Education in March 2020 to form Meten EdtechX Education Group (METX; -38% from $10 offer price).

EdtechX Holdings Acquisition II was founded in 2020 and plans to list on the Nasdaq under the symbol EDTXU. The SPAC filed confidentially on July 10, 2020. Jefferies is the sole bookrunner on the deal.

The article IBIS Capital’s second SPAC EdtechX Holdings Acquisition II files for a $150 million IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed