Jaws Acquisition, a company founded by Starwood’s Barry Sternlicht, has upsized its IPO after filing a prospectus earlier this week.
The special purpose acquisition company plans to raise $600 million — up from $500 million — for a listing on the New York Stock Exchange Thursday, according to Bloomberg.
According to SEC filings, the company won’t be in competition with Starwood Capital Group because it won’t target Starwood’s areas of real estate, lodging and energy infrastructure.
Falcon Edge Capital, an asset manager, bought shares in the Jaws IPO. Chairman Rick Gerson praised Sternlicht in a statement to Bloomberg.
“Barry Sternlicht is a visionary entrepreneur and it will be exciting to see the deal he finds,” he said in the statement.
Sternlicht has made it clear that he feels the time to place bets is now. On Starwood’s first-quarter earnings call earlier this month, Sternlicht said the firm had been on the hunt for opportunities — particularly in the hospitality industry, which has been one of the hardest hit sectors during the pandemic.
“It’s really ugly…But obviously when it’s really ugly, it’s a good time to invest,” Sternlicht said on the call. [Bloomberg] — Sylvia Varnham O’Regan