Ares Acquisition Corporation III said Monday it has priced its IPO of 34.5 million units at $10 each.

Underwriters have been granted a 45-day option to purchase up to an additional of about 5.2 million units.

The units are expected to be listed on the NYSE and begin trading this Tuesday, under the ticker symbol, "AAC.U."

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

After listing, the class A warrants are expected to be listed on the NYSE under the ticker symbol, "AAC WS," while the ordinary shares will be listed under the symbol, "AAC."

The IPO is set to close Wednesday.