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Behind the scenes of Tidjane Thiam’s US fundraising campaign

By Aurélie M'Bida
Posted on Monday, 8 March 2021 08:37

Tidjane Thiam in Zurich, 26 April 2019 © Ennio Leanza / AP / SIPA

Solid investors and raising a hefty $345m have helped launch ex-Franco-Ivorian banker Tidjane Thiam’s SPAC.

The amount raised has exceeded the ex-French-Ivorian banker’s expectations. After the successful stock market launch of his SPAC (special purpose acquisition vehicle), which closed at the end of the day on 2 March, Tidjane Thiam has proven that he can attract investors.

A total of $345m was raised. The first $300m was made after the operation was reassessed against the original target by its promoters, following strong investor demand. A further $45m was raised following investment bank guarantees that the price would remain stable.

The fund was soon on demand, even though three days after the first listing, Freedom Acquisition I was still trading at $10.17 per share compared to $10 per share at the time of the first listing on 26 February.