Nassef Sawiris to raise $600mln through offering new firm on NYSE

Avanti Acquisition Corp  which is owned by Egyptian billionaire Nassef Sawiris, is set to start trading on the New York Stock Exchang and is expected to raise about $600 million, up from the initial target of $500 million, Bloomberg reported citing people familiar with the matter.

Egyptian billionaire Nassef Sawiris and French entrepreneur Ian Gallienne are betting their blank-check company can stand out from a crowded market by focusing on European targets.

Avanti is being dubbed the largest U.S.-listed SPAC to focus on European acquisitions, where company valuations are traditionally below the U.S. The vehicle is scouting for targets among the continent’s large population of family-owned businesses.

The SPAC is seeking high-growth companies in sectors including technology, health and consumer and is expected to target those worth 2 billion euros ($2.4 billion) to 4 billion euros or more.