IPOs

Mexico-based advisory firm's SPAC DD3 Acquisition III files for a $150 million IPO

DD3 Acquisition III, the third blank check company formed by DD3 Capital Partners, filed on Monday with the SEC to raise up to $150 million in an initial public offering.

The Mexico City, Mexico-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, DD3 Acquisition III would command a market value of $188 million.

The company is led by CEO and Chairman Martin Werner, who co-founded financial advisory firm DD3 Capital Partners and currently serves as a Partner. While the company has not selected a target industry, it plans to focus on businesses that are fundamentally sound, innovative with strong free cash flow, and could benefit from a hands-on partner with financial experience, among other characteristics.

DD3 Capital Partners' previous SPACs include DD3 Acquisition II (DDMXU; +6% from $10 offer price), which went public in December 2020, and DD3 Acquisition, which went public in October 2018 and completed its acquisition of Betterware de Mexico (BWMX; +286%) in March 2020.

DD3 Acquisition III was founded in 2021 and plans to list on the Nasdaq under the symbol DIIIU. Morgan Stanley is the sole bookrunner on the deal.

The article Mexico-based advisory firm's SPAC DD3 Acquisition III files for a $150 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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