Graf Industrial, a blank check company based in NW Houston, has completed its Initial Public Offering (IPO). The company raised $225 million by offering 22.5 million units at a price of $10, in line with the offering terms.
Graf was formed earlier this year by blank check veteran James Graf. It intends to buy an industrial business in the US or Canada worth $1 billion. Mr Graf has served as a founder and executive officer or director of 4 special purchase acquisition companies (SPAC).
The units of the company are now listed on the NYSE under the symbol GRAF.U.
The company is the first Houston-area business to complete an IPO since Spirit of Texas Bank, back in May.