Michael Andretti’s company makes $200M initial public offering

An Indianapolis-based company led by retired open-wheel driver and team owner Michael Andretti made its initial public offering Thursday on the New York Stock Exchange with pricing of 20 million units at $10 per unit.

Andretti Acquisition Corp.’s stock is listed on the exchange under the ticker symbol WNNR.U.

The company is a special purpose acquisition company, often referred to as a SPAC or blank-check company. SPACs are shell companies with no operations when they go public. They then use IPO proceeds, often along with additional cash raised privately, to buy a business.

The company said it “seeks to focus on opportunities that can benefit from the iconic Andretti brand name, both inside and outside of the worldwide motorsports platform, and the expertise and ability of its management team to identify, acquire and grow a business in the broadly-defined automotive industry. This industry includes, but is not limited to, advanced mobility and related next-generation technologies, premium and performance vehicles and replacement automotive parts.”

Each unit of the company consists of one Class A ordinary share and one-half of one redeemable public warrant, with each whole public warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment.”

Michael Andretti will serve as co-CEO of Andretti Acquisition along with his friend Bill Sandbrook, the former CEO of U.S. Concrete.

Andretti was one of the most successful drivers in history, with 42 race victories, the most in the Championship Auto Racing Teams era and fourth-most all time in open-wheel racing. His race team, Andretti Autosport, has won four IndyCar Series championships and five Indianapolis 500s.

He is the son of Mario Andretti, and the father of IndyCar Series driver Marco Andretti.

RBC Capital Markets LLC is acting as the sole book-running manager for the offering.