The IPO Buzz: GSR III Acquisition Corp. (GSRTU) Raises $200 Million
GSR III Acquisition Corp. (GSRTU) raised $200 million on Wednesday night, Nov. 6, 2024, by pricing its SPAC IPO in sync with the terms in the prospectus: 20.0 million units at $10.00 each. The SPAC’s stock is expected to start trading today – Thursday, Nov. 7, 2024 – at about 12:10 p.m. EDT on the NASDAQ.
SPAC Advisory Partners (A Division of Kingswood Capital Partners) was the sole book-runner.
*Each unit consists of one Class A ordinary share and one-seventh (1/7) of one whole right to receive one Class A ordinary share upon the consummation of an initial business combination,” the prospectus said.
The SPAC – or blank check company – said it intends “to target U.S.-based businesses with “high potential.” This is the third SPAC under the GSR imprint. The SPAC is incorporated in the Cayman Islands)
“Our co-CEOs are Gus Garcia, a former Bank of America Securities executive in charge of SPAC mergers and acquisitions, and Lewis Silberman, the former head of SPAC equity capital markets for Oppenheimer & Co. Our president and CFO is Anantha Ramamurti, a former managing director and the head of the global mobility group at Bank of America Securities,” the prospectus said.
The letters “GSR” in the SPAC’s name stand for the first letter of the last name of this SPAC’s top three executives – Co-CEOs Gus Garcia and Lewis Silberman as well as President and CFO Anantha Ramamurti.
Garcia, Silberman and Ramamurti also are the mananging partners of SPAC Advisory Partners, LLC, a boutique advisory firm they co-founded in 2021 to focus on SPAC-related transactions. SPAC Advisory Partners was also the sole book-runner of GSR III Acquisition’s SPAC IPO – and the SPAC disclosed the underwriting conflict of interest in the prospectus. Another firm, B. Riley Advisors, was named as a qualified independent underwriter as a way to deal with the disclosed conflict of interest, the prospectus said.
Source: https://www.iposcoop.com/the-ipo-buzz-gsr-iii-acquisition-corp-gsrtu-raises-200-million/
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