Helix Acquisition Corp. III finalized its initial public offering on January 26, raising $172.5 million through the sale of 17.25 million Class A ordinary shares, priced at $10 per share, according to a company statement. The public offering included the full exercise of the underwriters' over-allotment option, representing 2.25 million shares.
The proceeds reported are gross amounts and have not been reduced by underwriting fees or other offering expenses. The special purpose acquisition company was formed to pursue mergers or acquisitions in healthcare or healthcare-related industries. The firm is sponsored by Helix Holdings III LLC, an affiliate of Cormorant Asset Management.
Management named in the filing includes Bihua Chen serving as chief executive officer and chairperson, and Caleb Tripp serving as chief financial officer and chief operating officer.
Concurrent with the closing of the IPO, Helix Acquisition Corp. III completed a private placement in which Helix Holdings III LLC purchased 497,500 Class A ordinary shares at $10 per share, producing additional gross proceeds of $4.975 million.
The company's public shares began trading on The Nasdaq Global Market under the ticker symbol "HLXC" on January 23. Leerink Partners and Oppenheimer & Co. acted as joint bookrunning managers for the offering.
A total of $172.5 million from the IPO and simultaneous private placement was placed in trust. The company indicated it will file an audited balance sheet reflecting receipt of proceeds as an exhibit to a Form 8-K with the Securities and Exchange Commission.
The filing notes that the amounts cited are gross proceeds before customary deductions and that the vehicle's stated focus is transactions in healthcare or healthcare-related industries. Aside from identifying its sponsor and senior officers, the statement provides no additional detail on prospective targets or proposed transaction timelines.
Context and next steps
With placement of the proceeds in trust and a Form 8-K exhibit forthcoming that will include an audited balance sheet, Helix Acquisition Corp. III has completed the principal financial steps that typically follow a SPAC offering. The statement does not provide further specifics on planned acquisitions or a timetable for deploying trust funds into a qualifying transaction.