IB Acquisition announced the closing of its initial public offering of 11.5 million units, which included the full exercise of the underwriters’ over-allotment option. The units trade on the Nasdaq under the symbol IBACU.
Each unit consists of a share and one right. Each right entitles the holder to one-twentieth of a share upon completion of a business combination. Once the securities begin separate trading, stock and rights are expected to list under the symbols IBAC and IBACR.
The new SPAC is broadly focused on consumer goods, sports and entertainment, and healthcare technology. IB Acquisition anticipates targeting companies in North America, Europe and Asia, with an enterprise value of at least $500 million.
Chairman and CEO Al Lopez is the founder and CEO of Alma Coffee.
I-Bankers Securities and IB Capital are joint book-running managers of the offering. Read more.
