GSR V Acquisition Corp. priced its initial public offering of 20 million units at $10.00 per unit, generating gross proceeds of $200 million, the company announced on May 13. The offering establishes the capital base for the blank check firm, which is incorporated in the Cayman Islands to pursue a merger, acquisition or similar business combination.
The units will commence trading on the Nasdaq Global Market on May 14 under the symbol "GSRVU." Each unit consists of one Class A ordinary share and one-seventh of one right. A whole right entitles its holder to receive one Class A ordinary share upon the closing of an initial business combination, and no fractional rights will be issued when the units are separated into their component securities.
The company said the offering is expected to close on May 15, subject to customary closing conditions. To cover potential over-allotments, the underwriters have been granted a 45-day option to purchase up to an additional 3 million units at the IPO price.
Following separation of the units and the start of independent trading, the Class A ordinary shares and the rights are expected to be listed on Nasdaq under the symbols "GSRV" and "GSRVR," respectively.
Polaris Advisory Partners LLC, a division of Kingswood Capital Partners LLC, and The Benchmark Company LLC served as joint bookrunners for the offering. Because Polaris is wholly owned and controlled by GSR V Acquisition's management, Benchmark acted in the role of Qualified Independent Underwriter.
The company’s management team listed in the offering materials includes co-CEOs Gus Garcia and Lewis Silberman, President and Chief Financial Officer Anantha Ramamurti, and Chief Business Development Officer Yuya Orime.
In regulatory filings, a registration statement related to the securities became effective on May 13 with the Securities and Exchange Commission. The disclosure notes the mechanics of the units, the expected listing arrangements, the over-allotment option available to underwriters, and the anticipated closing date, subject to customary closing conditions.
Contextual note: The company is a blank check vehicle organized to identify and complete a business combination; the securities structure issued in the IPO reflects that mandate, with rights convertible into shares upon completion of an initial business combination.