Dutch SPAC ESG Holdings lists in 250 million euro IPO

AMSTERDAM, Feb 12 (Reuters) - Shares in ESG Core Investments began trading on the Euronext in Amsterdam on Friday after raising 250 million euros ($303 million) in an initial public offering (IPO), the stock exchange said, completing its first special purpose acquisition company (SPAC) offering of 2021.

SPACs are shell companies that raise money with the aim of later buying a privately held company that wants to go public.

ESG Core Investments was launched by Dutch family-owned investment firm Infestos.

The company ESG Core aims to buy will have ESG - environmental, social and governance - “in the core of its business”.

“Through this IPO we seek to provide a strongly positioned ESG company in North Western Europe with access to capital, unlocking a unique opportunity for growth,” Managing Director Frank van Roij said in a statement.

SPACs have become popular as a fast and cheap way for some private companies to achieve a stock market listing, while investors make money if the listing and eventual acquisition is a success.

SPACs raised $79 billion last year, Refinitiv Eikon data show.

Shares in the new company, which were sold at 10 euros each, traded 3.1% higher at 10.31 euros on Friday.

Banks Berenberg and ABN Amro coordinated the offering, with Kempen & Co as bookrunner.

$1 = 0.8263 euros Reporting by Toby Sterling; editing by Jason Neely