Lifeline Ventures preps Helsinki Spac IPO

Carnegie has been mandated as adviser on the process, two of the sources said. Tuomo Vähäpassi, ex-head of corporate finance for Finland at SEB, has been appointed as CEO of the Spac, another of the sources said.

Lifeline Ventures is planning to raise approximately EUR 100m in proceeds via the Spac listing, one of the sources said.

It makes sense for a tech-leaning VC such as Lifeline Ventures to launch a Spac, a banker following the situation said, noting that many US-based Spacs have been focused on the tech and tech-enabled spaces.

Lifeline Ventures and Carnegie declined to comment. Vähäpassi did not respond to a request for comment.

Spac listings have been allowed in Finland since 1 March and the country saw its first Spac when Virala Acquisition Company (VAC) listed its shares on the Helsinki Stock Exchange in June, raising gross proceeds of EUR 107.5m from the offering before deducting offering-related costs.

In May, Mergermarket reported that former and current executives at Finnish port-crane specialist Konecranes were preparing to raise around EUR 100m via a Spac.

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