Apollo Global affiliate looks to raise $750 million for new blank-check company

(Reuters) - An affiliate of private equity giant Apollo Global Management Inc <APO.N> is looking to raise $750 million through an initial public offering for a new blank-check company.

Apollo Strategic Growth Capital said on Thursday it would offer 75 million units at $10 apiece. (https://refini.tv/3l97JKh)

Each unit would represent one ordinary share and one-third of a warrant. One whole warrant would give the holder the right to buy an ordinary share at an exercise price of $11.50 per share.

A blank-check company, also known as a special purpose acquisition company (SPAC), is a shell company that uses capital raised through an IPO to buy a private company, typically within two years. The deal then takes the private company public.

A number of high-profile investors such as Bill Ackman, Chamath Palihapitiya and Michael Klein have raised billions through their SPACs this year. Ackman's Pershing Square Tontine Holdings Ltd <PSTH.N> raised $4 billion in its IPO in July, making it the largest SPAC IPO.

Reuters also reported in September that Riverstone Holdings LLC, one of the oil and gas sector's largest private equity investors, is planning a blank-check acquisition company that will buy a business in the clean energy industry.

Apollo Strategic's units would be listed on the New York Stock Exchange under the symbol "APSG.U".

The SPAC is being backed by APSG Sponsor LP, an affiliate of Apollo Global Management.

Citigroup Global Markets, Credit Suisse and Goldman Sachs are the underwriters for the offering.

(Reporting by Niket Nishant in Bengaluru; Editing by Maju Samuel)