Nabors Energy Transition priced its IPO of 24 million units at $10 each. Units begin trading today on the NYSE under NETC.U. Each consists of one share and one-half of a warrant.
While the priced offering was 17% higher than the 20 million units registered in October in an amended S-1, that amount was a downsize from the 25 million units the SPAC initially registered in June.
The IPO is expected to close Nov. 19.
Nabors Energy plans to target companies in alternative energy, energy storage, emissions reduction and carbon capture.
Citigroup and Wells Fargo are joint book-running managers and representatives of the underwriters, who have an option to purchase up to an additional 3.6 million units to cover over-allotments, if any. Read more.
