Ares Acquisition Corporation III (AAC) said late Wednesday it closed its initial public offering of 34.5 million units priced at $10 each, and the sale of an additional 5 million units at $10 each, pursuant to the underwriters' partial exercise of their over-allotment option, for total gross proceeds of $395 million.

The company's sponsor is a subsidiary of Ares Management (ARES).

Each unit consists of one class A ordinary and one-tenth of a redeemable warrant. Each whole warrant entitles the holder to buy one class A ordinary share at $11.50 per share, the company added.

Its units began trading on the New York Stock Exchange under the symbol "AAC.U" on Tuesday. Once the securities comprising the units begin separate trading, the class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols "AAC" and "AAC WS," respectively.