Apollo's blank check company Spartan Acquisition Corp. III initiates IPO

Spartan Acquisition Corp. III launched its IPO of 40.0 million units at a price of $10.00 apiece.

A 45-day option to acquire up to 6.0 million additional units is expected to be granted to the underwriters. Each unit will comprise one class A common share and one-fourth of one redeemable warrant, with each whole warrant exchangeable for one class A share at $11.50 apiece.

The units are set to trade on the NYSE under the ticker SPAQ.U, while the class A shares and warrants will be listed under the symbols SPAQ and SPAQ.WS, respectively.

The blank-check company is sponsored by Spartan Acquisition Sponsor III LLC, which is owned by a fund managed by an affiliate of Apollo Global Management Inc.

Credit Suisse, Citigroup and Cowen are bookrunning managers and representatives of the underwriters. Morgan Stanley, Barclays and RBC Capital Markets are also bookrunning managers, while TD Securities, MUFG and Siebert Williams Shank are co-managers for the IPO.