Rice acquisition corporation 3 prices $300 million IPO

NEW YORK - Rice Acquisition Corporation 3 (RAC III), a special purpose acquisition company backed by Rice Investment Group and Mercuria, has priced its initial public offering of 30 million units at $10.00 per unit, according to a press release statement. The SPAC joins a select group of new listings in 2023, as the IPO market shows signs of revival after a challenging 2022.

The units will begin trading on the New York Stock Exchange on Wednesday under the symbol "KRSP.U." Each unit consists of one Class A ordinary share and one-sixth of one redeemable warrant. Investors looking to track this and other upcoming IPOs can access comprehensive IPO calendars and analysis through InvestingPro, which offers detailed insights and valuation metrics once companies begin trading publicly.

RAC III plans to focus its search for acquisition targets in upstream oil and gas, power generation, energy infrastructure, and critical metals and minerals sectors. The energy sector has seen increased M&A activity in 2023, with several major deals highlighting the industry’s consolidation trend.

Barclays and Jefferies are serving as joint bookrunning managers for the offering, which is expected to close on October 2. The underwriters have been granted a 45-day option to purchase up to an additional 4.5 million units.

Once the securities begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols "KRSP" and "KRSP.W," respectively.

Rice Investment Group, founded in 2018, is a multi-strategy investment fund focused on energy-related investments. Mercuria is an independent energy, metals and commodity trading firm with annual gross revenues exceeding $100 billion in recent years.

The SPAC’s registration statement was declared effective by the SEC on Tuesday.

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