Hellofresh boss's shell company takes shape

The rumors are coming true: Dominik Richter and Roman Kirsch have submitted a prospectus for their IPO under the name Tio Tech A to the stock exchange supervisory authority. They want to raise 250 million euros, and the first investors are already on board.
Exactly one week ago, it was just an insider's guess, but now the necessary prospectus for an IPO has been submitted to the US Securities and Exchange Commission: Dominik Richter, CEO of Hellofresh, and Roman Kirsch, founder of Lasera, are launching a shell company called Tio Tech A on the New York Stock Exchange. The IPO is expected to raise around 250 million euros, valuing the shell company at 300 million euros. The share price is expected to be eight euros, according to start-up scene reports.
Deutsche Bank is accompanying the process as bookrunner. And there are initial investors: two hedge funds have pledged 20 million euros. The Spac initiators now want to acquire a start-up as quickly as possible. The focus is on the technology sector in Europe; companies with a valuation of 615 million euros or more are of interest. The concept of a shell company requires a successful merger with a start-up in the first 24 months, as it goes public as an empty shell company. Investors therefore rely primarily on the skill of the founders of the shell company; if the search fails, the investors get their money back.
At Tio Tech A, Richter is Chairman and Kirsch is CEO. Ex-Rocket manager Spyro Korsanos is also on board. The Management Board consists of Manuel Stotz, Jonathan Teklu and Jeronimo Folgueira, while Victor Jacobsson and Thomas Griesel, who co-founded Hellofresh, sit on the Advisory Board. Rumors that Jan Beckers was also involved were also confirmed. He is also on the advisory board.

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