Jan 21 (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)