Black Spade Acquisition III (BIIIU) said Wednesday it closed an initial public offering of nearly 17.3 million units at $10 apiece for gross proceeds of $172.5 million.

The offering includes nearly 2.3 million units issued upon the full exercise of an overallotment option by underwriters, the company said.

Each unit consists of a class A common share and one-third of one redeemable warrant, with each whole warrant exercisable to buy a class A share at $11.50 per share, according to a statement.

The class A shares and warrants will be listed on the New York Stock Exchange under the tickers "BIII" and "BIIIW," respectively, when the securities comprising the units start separate trading, according to the company.