InterPrivate III Financial Partners Inc. Announces Pricing of Upsized $225 Million Initial Public Offering

Rhea-AI Summary

InterPrivate III Financial Partners has priced its upsized initial public offering at $10.00 per unit, raising $225 million through 22,500,000 units. The units, which include one share of Class A common stock and a warrant, will trade on the NYSE under the symbol IPVF.U starting on March 5, 2021. The offering is set to close on March 9, 2021. The company aims to make a merger or acquisition in the financial services sector, focusing on tech-enabled companies with enterprise values exceeding $1 billion.

Positive

• Upsized IPO raising $225 million.
• Focus on tech-enabled financial services companies.
• Plans to pursue targets with enterprise values over $1 billion.

Negative

• Potential dilution of existing shares if warrants are exercised.

NEW YORK, March 5, 2021 /PRNewswire/ -- InterPrivate III Financial Partners Inc. (the "Company") announced today the pricing of its upsized initial public offering of 22,500,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange (the "NYSE") and trade under the ticker symbol "IPVF.U" beginning on March 5, 2021. Each unit consists of one share of Class A common stock and one-fifth of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. After the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the NYSE under the symbols "IPVF" and "IPVF WS," respectively. The offering is expected to close on March 9, 2021.

InterPrivate III Financial Partners Inc. is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue initial business combination targets in any industry, the Company expects to pursue targets in the financial services industry with a particular focus on tech-enabled companies, with a focus on target companies with an enterprise value of $1 billion or more.

Morgan Stanley and EarlyBirdCapital, Inc. are acting as joint book-running managers of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,375,000  units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on March 4, 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 offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at prospectus@morganstanley.com; or from EarlyBirdCapital, Inc., 366 Madison Avenue, 8th Floor, New York, NY 10017, Attn: Syndicate Department, 212-661-0200.

Cautionary Note Concerning Forward-Looking Statements 

This press release contains statements that constitute "forward-looking statements," including with respect to the Company's initial public offering and search for an initial business combination. No assurance can be given that such offering will be completed on the terms described, or at all, or that the proceeds of the offering will be used as indicated. 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 for the initial public 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.

Press Contact

Charlotte Luer
InterPrivate
+1 212 634 0826
cluer@interprivate.com

 

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SOURCE InterPrivate III Financial Partners Inc.

FAQ

What is the pricing of InterPrivate III Financial Partners' IPO?

The initial public offering is priced at $10.00 per unit.

When will the units of InterPrivate III Financial Partners start trading?

The units will begin trading on the NYSE under the ticker symbol IPVF.U on March 5, 2021.

What is included in each unit of the IPO?

Each unit consists of one share of Class A common stock and one-fifth of a redeemable warrant.

What is the expected closing date for the IPO?

The offering is expected to close on March 9, 2021.

Who are the underwriters for the IPO?

Morgan Stanley and EarlyBirdCapital, Inc. are the joint book-running managers for the offering.

What is the main business focus of InterPrivate III Financial Partners?

The company intends to pursue mergers and acquisitions in the financial services sector, especially in tech-enabled companies.