Liberty Media-backed SPAC prices IPO at $10 apiece to raise $500 million

(Reuters) - Liberty Media Acquisition Corporation (LMAC), a blank-check company backed by Formula One-owner Liberty Media Corp, said on Thursday it priced its initial public offering (IPO) at $10 a share to raise $500 million.

The special acquisition purpose company (SPAC), which is due to begin trading on the Nasdaq on Friday under the symbol “LMACU”, sold 50 million shares in its U.S. IPO.

SPAC - shell companies that raise money in an IPO to buy another company - was looking for a target in the media, music, entertainment, communications and technology industries.

Several high-profile investors such as Bill Ackman and Michael Klein raised billions through their SPACs last year.

LMAC’s management team will be led by Liberty Media Corp Chief Executive Officer Greg Maffei.

Citigroup, Morgan Stanley, Credit Suisse and Goldman Sachs & Co. LLC acted as joint book-running managers for the IPO.

Reporting by Shreyasee Raj in Bengaluru, Editing by Sherry Jacob-Phillips