Legato Merger Corp. IV (LEGO) closed its initial public offering of 23 million units at $10 each, raising $230 million.

The units are listed on the NYSE American Market under the symbol LEGO U, the blank-check company said Monday in a statement.

Each unit comprises one ordinary share and one-third of a redeemable warrant. Once the securities comprising the units begin separate trading, the ordinary shares are expected to trade under the symbol LEGO, with the redeemable warrants listed as LEGO WS.

The company plans to use the proceeds to complete an initial business combination.