Ropes & Gray represented underwriters in the upsized $500 million initial public offering of special purpose acquisition company Ares Acquisition Corporation II. According to Dealogic, this is the largest SPAC IPO of 2023.
The IPO offering of 50 million units (including an exercise of the over-allotment option) at a price of $10 per unit were listed on the New York Stock Exchange and began trading under the ticker symbol “AACT.U” on April 21. Each unit consists of one Class A ordinary share of the company and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share of the company at a price of $11.50 per share. The Class A ordinary shares and warrants will be listed on the New York Stock Exchange under the symbols “AACT” and “AACT.WS,” respectively.
Citigroup Global Markets Inc, UBS Securities LLC and CastleOak Securities LP are underwriting the IPO.
The Ropes & Gray team included capital markets partner Paul Tropp.
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