Ropes & Gray represented Santander US Capital Markets as the underwriter for Gores Holdings X, Inc.’s $358.8 million IPO. This was the largest SPAC IPO in 2025. The closing of the IPO was announced in a May 5 press release.
The transaction is the third special purpose acquisition company IPO that Ropes & Gray has advised in recent weeks. The firm also represented the lead book-running manager in the IPOs of two SPACs—Digital Asset Acquisition Corp. and Real Asset Acquisition Corp.—that each raised $172.5 million in offerings that closed on April 30.
Gores Holdings X is a blank check company sponsored by an affiliate of The Gores Group and formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
The team was led by capital markets partner Christopher Capuzzi and included capital markets partner Paul Tropp.
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