Ibere Pharmaceuticals Announces Pricing of Upsized $120,000,000 Initial Public Offering

Rhea-AI Summary

Ibere Pharmaceuticals priced its upsized initial public offering at $10.00 per unit, totaling $120 million. The offering consists of 12,000,000 units, with each unit including one Class A ordinary share and half a redeemable warrant, which can be exercised for one share at $11.50. Trading on the NYSE starts today under the ticker symbol IBERU. The Company plans to focus on acquisition opportunities in the pharmaceutical and life sciences sectors. Underwriters have a 45-day option to purchase an additional 1,800,000 units.

Positive

• The IPO pricing at $10.00 per unit indicates strong market interest.
• Focus on pharmaceutical and life sciences could lead to significant growth opportunities.
• Potential for additional funding through the underwriter's over-allotment option.

Negative

• None.

PHILADELPHIA, Feb. 26, 2021 /PRNewswire/ -- Ibere Pharmaceuticals (the "Company") announced today that it priced its upsized initial public offering of 12,000,000 units at $10.00 per unit. The units will be listed on the New York Stock Exchange ("NYSE") and will begin trading today, Friday, February 26, 2021, under the ticker symbol "IBERU". Each unit consists of one Class A ordinary share of the Company and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Only whole warrants are exercisable and will trade. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols "IBER" and "IBERW," respectively.

The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. Although the Company may pursue an acquisition opportunity in any business or industry, it intends to focus on opportunities in the pharmaceutical and life sciences industries.

Raymond James & Associates, Inc. is acting as the sole book-running manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 1,800,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, Attention: Equity Syndicate, 1-800-248-8863, prospectus@raymondjames.com.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission ("SEC") on February 25, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

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SOURCE Ibere Pharmaceuticals

FAQ

What is the total amount raised in Ibere Pharmaceuticals' IPO?

Ibere Pharmaceuticals raised a total of $120 million through its IPO, pricing at $10.00 per unit.

When did Ibere Pharmaceuticals begin trading on the NYSE?

Ibere Pharmaceuticals began trading on the NYSE on February 26, 2021, under the ticker symbol IBERU.

What do the units consist of in Ibere Pharmaceuticals' IPO?

Each unit in Ibere Pharmaceuticals' IPO consists of one Class A ordinary share and one-half of a redeemable warrant.

What is the exercise price for the warrants in Ibere Pharmaceuticals' IPO?

The warrants can be exercised for one Class A ordinary share at a price of $11.50.

What is the ticker symbol for Ibere Pharmaceuticals' Class A ordinary shares?

The Class A ordinary shares of Ibere Pharmaceuticals will trade under the ticker symbol IBER.

What is the ticker symbol for Ibere Pharmaceuticals' warrants?

The warrants will trade under the ticker symbol IBERW.