Pyrophyte Acquisition Corp. (PHYT.U) Prices $175M IPO


Pyrophyte Acquisition Corp. (PHYT.U) Prices $175M IPO

Oct 26, 2021 IPOs by Marlena Haddad

Pyrophyte Acquisition Corp. announced the pricing of its $175 million IPO and its shares are expected to begin trading on the NYSE under the symbol “PHYT.U” Tuesday, October 26.

The new SPAC intends to combine with a target business focused on facilitating the energy transition toward decarbonization and sustainable use of energy and natural resources, particularly a business that provides the necessary products and technologies to support the energy transition, without the need to rely solely on a single type of technology. Pyrophyte is led by CEO Sten L. Gustafson, CFO and EVP of Business Development Thomas W. Major, and Chairman Nominee Bernard J. Duroc-Danner.

Total SPAC deal count for 2021 year-to-date is now 490. This offering is expected to close on Thursday, October 28.

UBS Investment Bank is acting as the sole book-runner for the offering.  White & Case LLP is serving as Issuer’s Counsel with Ellenoff Grossman & Schole LLP serving as Underwriter’s Counsel. Marcum LLP serves as auditor. Continental Stock Transfer & Trust Company is acting as trustee.