SPAC Iris Acquisition II prices $150 million US IPO, targeting small to mid-market businesses
IPO Overview
Iris Acquisition II, a blank check company led by executives from Arrow Capital targeting small to mid-market businesses, raised $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of one warrant.
Iris Acquisition II is led by Chairman Rohit Nanani, co-founder and CEO of independent boutique asset management and investment advisory firm Arrow Capital, and CEO Sumit Mehta, co-founder and Managing Director at Arrow Capital, where he leads the Special Situations Group. The SPAC is targeting high-quality, small to mid-market companies.
Management’s previous SPAC, Iris Acquisition, completed its combination with Liminatus Pharma （LIMN; -94.3% from $10 offer price） this past April.
Iris Acquisition II plans to list on the NYSE under the symbol IRABU. Cohen & Company Securities acted as sole bookrunner on the deal.
About the Company
We are a newly organized blank check company. We have not selected any specific business combination target. To date, our efforts have been limited to organizational activities as well as activities related to this offering. We are a globally focused SPAC with a generalist investment approach, seeking to identify and combine with a high-quality, small to mid-market company that is poised to unlock accelerated growth through a public listing. While we are not limited to any particular sector or region, we are highly selective in identifying businesses that align with our investment philosophy, operational rigor, and long-term value creation strategy. Our sponsor and its principals may from time to time become aware of potential business opportunities, one or more of which we may desire to pursue, for a business combination, but from the date of our incorporation through the date of this prospectus, there have been no substantive discussions, directly or indirectly, between any of our officers, directors, promoters and other affiliates on our behalf and any of their contacts or relationships regarding a potential initial business combination with our company. Additionally, we have not engaged or retained any agent or other representative to identify or locate any suitable acquisition candidate for us.