Ken Moelis-backed blank-check company seeks $500 million in U.S. IPO

(Reuters) - A blank-check company led by investment banker Ken Moelis is aiming to raise $500 million in a U.S. initial public offering, the firm said on Friday.

The company, Atlas Crest Investment Corp, is looking to offer 50 million units at $10 apiece, according to a filing here.

Moelis, the chairman of Atlas Crest, founded investment firm Moelis & Co MC.N in 2007, since when it has advised on about $3.5 trillion of M&A transactions. He has also served as president of UBS Investment Bank.

A special purpose acquisition company, or SPAC, is a shell vehicle that raises money in an IPO to buy and then merge with another company, typically within two years.

High-profile investors such as Bill Ackman and Michael Klein have raised billions through their SPACs this year.

Cantor is the sole book-running manager for Atlas Crest’s offering.

Reporting by Abhishek Manikandan in Bengaluru; Editing by Devika Syamnath