Ares Acquisition Corporation III Closes $395 Million IPO with Over-Allotment Exercise
ARES•Ares Acquisition Corporation III closed an upsized IPO, raising $395 million through sale of units at $10 each, reflecting partial exercise of its over-allotment option. Proceeds will be held in a trust account to pursue business combinations under its SPAC structure.
1. IPO Closing Details
Ares Acquisition Corporation III completed its initial public offering on July 1, raising $395 million through the sale of units at $10 each. The offering was upsized via a partial exercise of the over-allotment option, enhancing the total proceeds above the base deal size.
2. Proceeds Held in Trust
All net proceeds from the IPO have been deposited into a segregated trust account. These funds are earmarked exclusively for use in one or more business combinations that align with the SPAC’s stated investment objectives.
3. Next Steps for SPAC
Following closing, Ares III will work under its charter-defined timeline to identify and negotiate a merger or acquisition. Management is focused on sourcing targets in sectors where it can leverage the Ares platform’s strategic and operational expertise.
