- New Providence Acquisition Corp. III completes its IPO, raising $300.15 million through the sale of 30,015,000 units.
- The IPO included a full exercise of the over-allotment option, indicating strong investor demand.
- Funds of $301.65 million were placed in trust, offering a slight premium over the standard $10.00 per unit.
New Providence Acquisition Corp. III has successfully completed its initial public offering (IPO), gathering $300,150,000 from the issuance of 30,015,000 units at $10.00 each. This figure includes the full utilization of the underwriters' over-allotment option, representing an additional 3,915,000 units and showcasing strong initial demand from investors.
The company's units began trading on April 24, 2025, on the Nasdaq under the ticker symbol 'NPACU'. Each unit is composed of one Class A ordinary share and one-third of a redeemable warrant, with full warrants exercisable at $11.50 per share. Upon separation, the Class A shares and warrants are expected to trade under the symbols 'NPAC' and 'NPACW', respectively.
Of the proceeds from the IPO and a simultaneous private placement, $301,650,750, equivalent to $10.05 per unit, has been placed in a trust account. This provides a slightly higher value than the IPO price, enhancing investor protection.
As a Special Purpose Acquisition Company (SPAC), New Providence Acquisition Corp. III intends to pursue business combinations within the consumer industry, though it retains the flexibility to explore opportunities in other sectors. The management team is led by Co-CEOs Gary Smith and Alexander Coleman, with Cantor Fitzgerald acting as the sole book-running manager for the offering.
This IPO marks the initiation of New Providence's quest to find a suitable acquisition target, which must be completed within the typical 18-24 month timeframe to avoid returning capital to investors.
