General Catalyst-backed blank-check firm looks to raise up to $500 million in IPO

(Reuters) - A blank-check firm backed by General Catalyst is looking to raise up to $500 million in its initial public offering, making it the latest venture capital firm to file for a special purpose acquisition company.

Health Assurance Acquisition Corp is aiming to sell 50 million SAIL, or Stakeholder Aligned Initial Listing, securities at $10 apiece, a regulatory filing showed on Monday. (

A blank-check firm, or a special purpose acquisition company, is a shell company that uses capital raised from an IPO to buy another company, typically within two years. The deal then takes the private company public.

The SPAC is backed by General Catalyst Group X—Early Venture, L.P, an affiliate of General Catalyst.

The company also said it aims to partner with technology-driven healthcare businesses.

Home rental startup Airbnb Inc, messaging app Snap Inc SNAP.N and dietary supplement maker Elysium Health Inc also count General Catalyst among their backers.

Ribbit Capital is another venture capital firm which has recently launched a SPAC

Morgan Stanley is the underwriter for Health Assurance’s offering.

Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber