Street Calls of the Week
Pyrophyte Acquisition Corp. II (PAII) completed its initial public offering of 17.5 million units at $10.00 per unit, raising $175 million. Each unit includes one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable at $11.50 per share.
The units began trading on the New York Stock Exchange under ticker symbol "PAII.U" on July 17, 2025. The Class A ordinary shares and warrants will trade separately under symbols "PAII" and "PAII WS" respectively once separate trading begins.
The company simultaneously closed a private placement of 5.05 million warrants to its sponsor, Pyrophyte Acquisition II LLC, at $1.00 per warrant, generating $5.05 million in proceeds. Each private placement warrant is exercisable at $11.50 per share. The company placed $175 million from the combined offerings in trust.
Pyrophyte Acquisition Corp. II is a blank check company formed to pursue mergers, acquisitions or similar business combinations. The company expects to target opportunities in the energy sector, according to the press release.
UBS Investment Bank served as lead book-running manager while Brookline Capital Markets acted as co-manager. The underwriters received a 45-day option to purchase up to 2.625 million additional units to cover over-allotments.
The Securities and Exchange Commission declared the registration statement effective on July 16, 2025.