Pelican Acquisition Corporation Completes $75M IPO
Deal News | May 27, 2025 | EIN
Pelican Acquisition Corporation, a blank check company or SPAC, has successfully closed its initial public offering (IPO), raising $75 million. The company issued 7.5 million units at $10 per unit, with each unit including one ordinary share and one right that grants the holder one-tenth of a share upon completion of a business combination. The units started trading on NASDAQ under the symbol 'PELIU', and the component shares and rights will later trade separately as 'PELI' and 'PELIR'. EarlyBirdCapital served as the sole book-running manager, with IB Capital LLC as the co-manager. Underwriters have a 45-day option to purchase up to an additional 1,125,000 units. The IPO registration was approved by the SEC and a prospectus is available through EarlyBird Capital. Pelican aims to merge or acquire a business, though it has no restrictions on industry or region for its acquisition targets.
Sectors
- Finance
- Investment Banking
Geography
- United States – The IPO took place in the United States, and the companies involved, including Pelican Acquisition Corporation and the underwriters, are based in New York.
Industry
- Finance – The article discusses an IPO, a key financial operation, carried out by a special purpose acquisition company (SPAC).
- Investment Banking – The involvement of EarlyBirdCapital and IB Capital LLC in managing the IPO underscores the role of investment banking services.
Financials
- $75,000,000 – Total proceeds from Pelican's initial public offering.
- $10.00 – Price per unit of Pelican's IPO, where each unit comprises one share and one right.
- 7,500,000 – Total number of units issued by Pelican in the IPO.
- 1,125,000 – Additional units available for purchase by underwriters in case of over-allotments.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Pelican Acquisition Corporation | Issuer | Company | A blank check company (SPAC) undertaking an IPO to enable future business combinations. |
| EarlyBirdCapital, Inc. | Sole Book-Running Manager | Company | Investment bank managing Pelican's IPO as the principal underwriter. |
| IB Capital LLC | Co-Manager | Company | Co-manages Pelican's IPO, supporting underwriting processes. |
| Securities and Exchange Commission (SEC) | Regulatory Authority | Government | Oversaw the registration process of Pelican's IPO. |