Ares Acquisition Corporation III has priced its initial public offering, announcing the sale of 34,500,000 units at $10.00 per unit for total gross proceeds of $345,000,000, according to the company's press release.
Each unit is composed of one Class A ordinary share and one-tenth of a redeemable warrant. The structure means that every whole warrant included in the offering entitles its holder to buy one Class A ordinary share at an exercise price of $11.50 per share.
The units are slated to begin trading on the New York Stock Exchange under the ticker symbol AAC.U on June 30, 2026. After the securities begin trading separately, the company said the Class A ordinary shares are expected to list as AAC and the warrants as AAC WS on the NYSE.
Underwriters have been granted a 45-day overallotment option to acquire up to 5,175,000 additional units at the IPO price to cover over-allotments. If that option is exercised in full, the offering would expand and the total proceeds raised would be approximately $397,000,000.
J.P. Morgan and Jefferies are named as joint book-runners and underwriters for the transaction. The company indicated the offering is expected to close on July 1, 2026, subject to customary closing conditions.
In describing its acquisition strategy, the company stated it will not limit itself to a particular industry or geographic region when identifying a prospective target business.
Context and implications
The offering follows the standard SPAC format: units sold at $10.00 containing shares and fractional warrants, with a warrant exercise price set above the IPO price. The planned separate listings for shares and warrants are consistent with typical post-IPO structuring for blank-check companies. The overallotment option provides underwriters with the ability to increase the deal size in response to demand.
What to watch next
- Whether the underwriters exercise the 45-day option in full, which would raise the total offering to about $397 million.
- Confirmation of the expected July 1, 2026 closing, assuming customary conditions are met.
- Announcements from the company identifying any target industry or geographic focus, recognizing the company said it is not restricting its search to any one sector or region.
This article presents the terms disclosed by the company regarding its IPO and related listing plans.