Dutch special purpose acquisition company (SPAC) ESG Core Investments said on Thursday it aims to raise up to 250 million euros ($300 million) by listing its shares on the Amsterdam stock exchange.
The shell company said it will use the money to preferably buy a European company focused on sustainable developments within two years after the initial public offering (IPO).
“We see many attractive opportunities in this area in Europe, where the energy transition is in full swing, also poised by the European Green Deal”, ESG Core Investments managing director Frank van Roij said in a statement.
ESG Core Investments, a subsidiary of Dutch family-owned investment firm Infestos, gave no specific date for its IPO and said the move would be subject to market conditions.
A SPAC, a shell company that raises money in an IPO before later merging with a privately-held company to take the latter public, has become the structure of choice for many investors over the past year.
SPACs had raised a total of $79 billion last year, according to Refinitiv data.
($1 = 0.8326 euros)
(Reporting by Bart Meijer; Editing by Krishna Chandra Eluri)