Leapfrog Acquisition prices $125 million IPO at $10 per unit

Leapfrog Acquisition Corporation priced its initial public offering of 12.5 million units at $10.00 per unit, raising $125 million. The units began trading December 5 on Nasdaq under the symbol LFACU.

Each unit consists of one Class A ordinary share and half of one redeemable warrant with a strike price of $11.50 per ordinary share, exercisable within five years of completing an initial business combination. The ordinary shares and warrants will trade separately under symbols LFAC and LFACW, respectively.

The special purpose acquisition company is led by Chief Executive Officer Matthew R. Pollard, President and Chief Investment Officer Abhay N. Pande, and Chief Financial Officer Kevin M. Murphy. The company was formed to pursue mergers, acquisitions or similar business combinations.

BTIG served as sole book-running manager for the offering. Underwriters received a 45-day option to purchase up to an additional 1.875 million units at the offering price to cover over-allotments.

The Securities and Exchange Commission declared the registration statement effective December 4. Leapfrog plans to focus on businesses in the international energy supply chain and critical minerals sectors, including related infrastructure, when searching for merger candidates.

The company is based in Summit, New Jersey, according to information from a press release.

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