SPAC IPO Filing: iStar Acquisition Corp.; iStar Going Hedge Fund (SFI)

iStar Acquisition Corp. appears to be the latest special purpose acquisition company filing for an IPO.  The company has registered to sell 57.5 million units at the traditional $10.00 per unit, with each unit consisting of one share and one warrant. The filing is actually 50 million units, but the extra 7.5 million pertains to the overallotment.

Interestingly enough, this is actually a blank check spin-off from IStar Financial Inc. (NYSE:SFI), which has a REIT status.  Banc of America is listed as the sole lead manager as of now.

The business strategy will be that of a hedge fund in alternative asset management.  Here is the company’s own description of itself: We will initially focus our search for an initial business combination on operating businesses in the alternative asset management industry. The alternative asset management industry encompasses companies that undertake the management of portfolios using a variety of investment strategies where the common element is the manager’s goal of delivering investment performance on an absolute return basis within certain predefined risk parameters. Among the areas that we intend to focus on initially are businesses that operate and manage private equity funds and/or hedge funds. However, our search will not be limited to a particular industry or geographic location.

We have our distribution list that sends out other alerts on IPO’s, spin-offs, and special situations, with more detailed data that sometimes doesn’t appear on the public site.

Jon C. Ogg
November 13, 2007

Jon Ogg produces the 24/7 Wall St. Special Situation Investing Newsletter; he does not own securities in the companies he covers.