Ares upsizes Ares Acquisition Corp. II SPAC by $50 million, to $450 million, but it's still less than the $870 million raised by previous SPAC in 2021.
Ares Management Corp.’s second blank-check stock offering added $50 million to bring its total proceeds to $450 million in its successful debut, in a sign of healthy demand for the deal in the face of a choppy market.
Ares Acquisition Corp. II AACT.UT debuted Friday at $10 a share as the largest special purpose acquisition company by total dollar proceeds to go public since January 2022. It was last trading at $10.12 a share on Thursday. Founded in 1997, Ares Management Corp. ARES has taken more than 10 portfolio companies public. It also manages other publicly traded entities, including the business development company Ares Capital Corp. ARCC , Ares Commercial Real Estate Corp. ACRE and Ares Dynamic Credit Allocation Fund ARDC , as well as its first SPAC, Ares Acquisition Corp. AAC .
Jay Ritter, a finance professor at the University of Florida who tracks the IPO market, said Ares’s positive reputation helped Ares Acquisition Corp. II get to the finish line. “If there is a relatively large company that wants to merge with a SPAC in the next two years, Ares II has very little competition,” he said.
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