GSR III Acquisition Corp. Closes $230 Million IPO
Funding | Nov 08, 2024 | EIN
GSR III Acquisition Corp. has announced the closing of its initial public offering, raising a total of $230 million. The IPO included a full exercise of the over-allotment option by underwriters. Each unit in the offering, priced at $10, comprises one Class A ordinary share and one-seventh of one right, with whole rights entitling holders to additional shares upon a successful business combination. The units began trading on Nasdaq under the symbol GSRTU, with future separate trading expected under different symbols for shares and rights. Acting as the sole underwriter was SPAC Advisory Partners, part of Kingswood Capital Partners LLC, with additional underwriting by B. Riley Securities. Proceeds from the IPO will be employed for a merger or similar business combination, as dictated by the SPAC’s strategy to invest in companies with strong public market narratives and growth potential. The management team of GSR III includes co-CEOs Gus Garcia and Lewis Silberman, and President & CFO Anantha Ramamurti.
Sectors
- Financial Services
- Private Equity/Special Purpose Acquisition Companies (SPACs)
Geography
- United States – The IPO took place in the U.S., with the company trading on the Nasdaq, which is based in New York, USA.
- Cayman Islands – GSR III Acquisition Corp. is incorporated in the Cayman Islands.
Industry
- Financial Services – The industry involves the management, investment, and movement of money. The IPO by GSR III Acquisition Corp. is a financial transaction within this sector.
- Private Equity/Special Purpose Acquisition Companies (SPACs) – SPACs are publicly traded investment vehicles used for acquiring existing companies. The article discusses the IPO of a SPAC, GSR III Acquisition Corp.
Financials
- $230,000,000 – Aggregate gross proceeds from the initial public offering of GSR III Acquisition Corp.
- $10.00 – Price per unit in GSR III Acquisition Corp.'s IPO.
- 23,000,000 – Total number of units offered in the IPO, including full over-allotment.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| GSR III Acquisition Corp. | Issuer of IPO | Company | A Cayman Islands-incorporated SPAC aiming to complete a business combination. |
| SPAC Advisory Partners LLC | Underwriter | Company | A division of Kingswood Capital Partners LLC, responsible for underwriting the IPO. |
| Kingswood Capital Partners LLC | Parent Company | Company | A financial advisory firm holding ownership of SPAC Advisory Partners LLC. |
| B. Riley Securities | Qualified Independent Underwriter | Company | Provided additional underwriting support for the IPO transaction. |
| Gus Garcia | Co-CEO | Person | Co-Chief Executive Officer of GSR III Acquisition Corp. |
| Lewis Silberman | Co-CEO | Person | Co-Chief Executive Officer of GSR III Acquisition Corp. |
| Anantha Ramamurti | President & CFO | Person | President and Chief Financial Officer of GSR III Acquisition Corp. |
| Yuya Orime | CBDO | Person | Chief Business Development Officer of GSR III Acquisition Corp. |