Idea Acquisition Corp. completed an initial public offering of 35 million units, priced at $10.00 per unit, and placed the resulting proceeds from the combined offerings into trust. Each unit sold in the public offering comprises one Class A ordinary share and one-third of a redeemable warrant; whole warrants will be exercisable at $11.50 per share.
The units commenced trading on NASDAQ under the symbol IACOU on February 11. The company indicated that, once separate trading of the components begins, the Class A ordinary shares and warrants will trade under the tickers IACO and IACOW, respectively.
At the closing of the IPO, Idea Acquisition Corp. also completed a concurrent private placement of 6 million warrants, sold at $1.50 per warrant, producing $9 million in gross proceeds. Purchasers of the private placement warrants included the company’s sponsor, Idea Tender LLC, which bought 3.67 million warrants; Cantor Fitzgerald & Co., which purchased 1.63 million; and Odeon Capital Group LLC, which acquired 700,000.
The combined public and private offerings resulted in $350 million being placed in trust, representing the $10.00 per unit price of the public offering. Idea Acquisition Corp. is organized as a blank check company formed to pursue mergers, acquisitions or other business combinations. The company stated it expects to focus on opportunities in the software sector that make use of large language models or artificial intelligence tools.
Cantor Fitzgerald & Co. acted as the sole book-running manager for the transaction, with Odeon Capital Group LLC serving as co-manager. Underwriters were granted a 45-day option to purchase up to 5.25 million additional units to cover over-allotments.
The Securities and Exchange Commission declared the company’s registration statement effective on February 10. The details above are drawn from a company press release.
Summary
Idea Acquisition Corp. raised $350 million through a NASDAQ IPO of 35 million units at $10 each, concurrently completing a private sale of 6 million warrants that brought in $9 million. Units began trading under IACOU on February 11, with the company positioning itself to pursue software-sector combinations leveraging large language models or similar technologies.