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Insight Digital Partners II (DYORU) completed its initial public offering of 17.25 million units at $10 per unit, raising $172.5 million including the full exercise of underwriters’ over-allotment option of 2.25 million units.
Each unit comprises one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant allows the purchase of one Class A ordinary share at $11.50 per share. The units began trading on NASDAQ on October 29 under ticker DYORU.
The company expects separate trading of Class A ordinary shares and warrants under symbols DYOR and DYORW respectively once the securities comprising the units begin separate trading.
Simultaneously with the IPO closing, the company completed a private placement of 5.45 million warrants at $1 per warrant, generating $5.45 million in gross proceeds. Insight Digital Partners Sponsor LLC purchased 3.725 million of these warrants, while Cohen & Company Capital Markets bought 1.725 million warrants. Each private placement warrant is exercisable at $11.50 per share.
The company placed $172.5 million from the combined offerings into trust, representing $10 per unit sold in the public offering.
Insight Digital Partners II is a blank check company seeking to complete a business combination with companies in sectors supporting the digital economy. The company stated it expects to target infrastructure supporting stablecoins and digital payments, staking and mining operations, trading platforms, high-performance computing, and energy opportunities.
Cohen & Company Capital Markets served as sole book-running manager for the offering. The information is based on a company press release statement.