Deal details and timing
Helix Acquisition Corp. III completed its initial public offering on January 26, selling 17.25 million Class A ordinary shares at $10 per share to raise $172.5 million, according to a company statement. The offering incorporated the full exercise of the underwriters' over-allotment option, which accounted for 2.25 million of the shares sold.
Underwriting and placement
Leerink Partners and Oppenheimer & Co. acted as joint bookrunning managers for the transaction. In parallel with the IPO, the special purpose acquisition company carried out a private placement of 497,500 Class A ordinary shares at $10 per share to Helix Holdings III LLC, resulting in additional gross proceeds of $4.975 million.
Listing and regulatory milestone
The company's Class A ordinary shares began trading on the Nasdaq Global Market under the ticker symbol "HLXC" on January 23. The Securities and Exchange Commission declared the registration statement effective on January 22.
Corporate purpose, sponsorship and leadership
Helix Acquisition Corp. III was formed as a special purpose acquisition company to pursue mergers, acquisitions or other business combinations, with a stated focus on healthcare or healthcare-related industries. The company is sponsored by Helix Holdings III LLC, an affiliate of Cormorant Asset Management, and its executive team is led by Chief Executive Officer Bihua Chen and Chief Financial Officer Caleb Tripp.
Proceeds and trust placement
The company placed $172.5 million comprising net proceeds from both the IPO and the private placement into trust, as disclosed in the company statement.
Context and limitations
The filing and transaction details reported by the company include the specific share counts, allocation from the underwriters' over-allotment option, the identities of the joint bookrunners, and the dates when the registration took effect and when trading began on Nasdaq. The company statement also identifies the sponsor and the senior officers who will lead the SPAC as it seeks suitable transactions in the healthcare sector.
Closing note
The transaction structure combined a public offering and a related private placement to the sponsor, with specified dollar amounts and share counts placed into trust as part of the SPAC process.