Ares Acquisition in an amended S-1 filing said it would offer 12.5 million more units than initially planned to increase its IPO 21 percent to $725 million. The original filing earlier this month registered an offer for a $600 million raise.
The SPAC has not identified a target sector for a business combination, but it has ruled out companies in the fossil fuel energy industry. The search for an acquisition will be focused on North America, Europe or Asia.
Ares is led by CEO David Kaplan, a co-founder Ares, director and partner of Ares Management Corporation and co-chairman of the Ares Private Equity Group.
Ares intends to list on the NYSE under AAC.U. Read more.
