Twelve Seas Investment Company III completes $172.5 million IPO

Twelve Seas Investment Company III (NASDAQ: TWLVU) completed its initial public offering, raising $172.5 million through the sale of 17.25 million units priced at $10 each, according to a company statement.

The offering included 2.25 million units sold through the full exercise of underwriters' over-allotment option. The company placed $172.5 million in a trust account for public shareholders.

The units began trading on Nasdaq on December 12 under ticker symbol TWLVU. Each unit contains one Class A ordinary share and one right to receive one-tenth of a Class A ordinary share upon completion of an initial business combination. The Class A shares and rights will trade separately under symbols TWLV and TWLVR once separate trading begins.

Twelve Seas Investment Company III operates as a blank check company seeking to merge with or acquire one or more businesses. The company plans to focus on global companies outside the United States, particularly established profitable enterprises in oil and gas and other sectors. It will also consider U.S.-based targets owned by non-U.S. shareholders including sovereign wealth funds, family offices and international entrepreneurs.

Dimitri Elkin serves as chief executive officer and director, while Jonathan Morris holds the chief financial officer position. The board includes independent directors Julian Vickers, Bob Foresman, Greg Nelson and Olga Klimova.

Cohen & Company Capital Markets acted as sole book-running manager for the offering. The Securities and Exchange Commission declared the registration statement effective on December 11.

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