Pelican Prices IPO at $75 Million
Deal News | May 23, 2025 | EIN
Pelican Acquisition Corporation announced the pricing of its initial public offering (IPO) of 7,500,000 units at $10.00 per unit. The IPO aims to raise $75 million, with each unit consisting of one ordinary share and one right, which entitles the holder to receive a tenth of an ordinary share upon an initial business combination. Listed on Nasdaq under the ticker symbol PELIU, the securities are expected to commence separate trading with ordinary shares and rights trading under the symbols PELI and PELIR, respectively. EarlyBirdCapital, Inc. acts as the sole book-running manager, while IB Capital LLC takes the role of co-manager. The offering is expected to close on May 27, 2025, and includes a 45-day option for underwriters to purchase an additional 1,125,000 units to cover overallotments. Pelican, a blank check company, intends to merge or acquire businesses across unspecified industries and regions.
Sectors
- Financial Services
- Investment
Geography
- United States – The IPO is conducted and managed by firms based in the United States, with Nasdaq as the exchange.
- Cayman Islands – Pelican Acquisition Corporation is a Cayman Islands exempted company.
Industry
- Financial Services – Pelican Acquisition Corporation is involved in capital markets activities, including an initial public offering.
- Investment – As a blank check company, Pelican is seeking to merge, acquire, or reorganize with businesses across various sectors.
Financials
- $75,000,000 – The total value of the initial public offering priced by Pelican Acquisition Corporation.
- $10.00 per unit – The pricing of each unit in Pelican Acquisition Corporation's IPO.
- 7,500,000 units – The number of units offered in the IPO by Pelican Acquisition Corporation.
- 1,125,000 units – The additional units offered for over-allotment by underwriters.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Pelican Acquisition Corporation | Target Company | Company | A blank check company formed to effect a merger, share exchange, asset acquisition, or similar business combination. |
| EarlyBirdCapital, Inc. | Book-running Manager | Company | Acts as the primary underwriter managing the IPO process for Pelican Acquisition Corporation. |
| IB Capital LLC | Co-manager | Company | Acts as a co-manager and qualified independent underwriter in the IPO. |
| Securities and Exchange Commission | Regulatory Body | Government | Regulated and declared effective the registration statement for Pelican's IPO. |