Shares of Cantor Equity Partners III (NASDAQ: CAEP) surged 6.50% in early trading on Thursday, marking a strong debut for the blank-check company following its initial public offering (IPO). The stock's impressive performance comes after the company announced the pricing of its upsized IPO on Wednesday.
CAEP priced its IPO at $10 per share, offering a total of 24 million shares to the public. The offering, which was larger than initially planned, is expected to close on Friday. Additionally, underwriters have been granted a 45-day option to purchase up to 3.6 million additional shares, potentially increasing the total size of the offering.
The strong market reception for CAEP's shares suggests investor confidence in the blank-check company's potential. As a special purpose acquisition company (SPAC), CAEP will be searching for merger or acquisition targets to take public. The successful IPO provides the company with a significant war chest to pursue attractive opportunities in the market.
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